BankBazaar.com, a fintech company, announced on Tuesday that it will go public in the next 12 to 18 months. In FY23, the company’s net income was 160 crore. Co-branded credit card issuer BankBazaar.com released a statement stating that the Initial Public Offering (IPO) activities are ongoing with a target listing date of 12 to 18 months.
BankBazaar has chosen ICICI Securities to provide it with advise on its plans to raise money prior to the IPO. The company increased its credit card issuances by 60% in FY23 over FY22, which helped it increase net revenue by 60%.
According to BankBazaar.com, the growth was fueled by its entirely paperless and contactless credit card offerings that are co-branded with top banks and designed for the digital age. These cards allow customers to track and improve their credit score, earn generous digital rewards, and access hundreds of no-cost EMIs each month.
Adhil Shetty, Co-Founder and CEO of BankBazaar.com, said riding on a 60 per cent growth momentum in FY23 while narrowing the adjusted EBITDA burn to ₹20 crore, the company is well positioned to accelerate the revenue growth rate further in FY24 while targeting full-year EBITDA profitability.
“This strategy for profitable and sustainable growth has been in the works for over three years. We’ve built a co-branded portfolio of digital products with proven customer traction, which has created sustainable revenue while improving margins,” he said.
EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortisation.
According to RBI data, India’s retail credit outlook continues to look strong and was up 20.4 per cent year-on-year in January.