On Tuesday, the fintech company BankBazaar.com said it wants to go public in the next 12 to 18 months.
In FY23, the company made 160 crore in net sales.
In a statement, co-branded credit card issuer BankBazaar.com said that plans are underway for the Initial Public Offering (IPO), and the goal is to go public in 12 to 18 months.
Before the IPO, BankBazaar wants to raise another round of capital, and it has hired ICICI Securities to help it do so.
The company’s credit card sales grew by 60% from FY22 to FY23, which led to a 60% increase in net revenue.
BankBazaar.com said that its completely paperless and contactless digital-first co-brand credit cards with leading banks were a big reason for the growth. These cards let customers track and improve their credit score, earn rich digital rewards, and access hundreds of no-cost EMIs every month.
Adhil Shetty, Co-Founder and CEO of BankBazaar.com, said that the company is well-positioned to speed up revenue growth even more in FY24 while aiming for full-year EBITDA profitability. This is because the company grew by 60% in FY23 and cut its adjusted EBITDA burn to 20 crore.
“This plan for growth that is both profitable and long-term has been in the works for more than three years. We’ve put together a co-branded portfolio of digital products that have proven to be popular with customers. This has given us a steady source of income while improving our margins “he said.
Earnings Before Interest, Taxes, Depreciation, and Amortization is what EBITDA stands for.
Based on data from the RBI, India’s retail credit outlook continues to look good. In January, it was up 20.4% from the same time last year.
The text of this story has not been changed since it came from a wire service.
Source: Team CurrencyVeda
