BankBazaar.com, India’s leading fintech co-branded Credit Card platform and online provider of free Credit Scores, closed FY23 with net revenue of ₹160 crore. The company grew its net revenue for FY23 by 60% over FY22 on the back of a 60% growth in its Credit Card issuances. The growth is driven by its completely paperless and contactless offering of digital-first, co-brand Credit Cards in partnership with leading banks that enable consumers to 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, BankBazaar.com, says: “We have a compelling growth story to tell at a time when reports suggest PE/VC investments nearly halved in February 2023 and that the funding winter will get worse before it gets better due to concerns about global recession and increased cost of capital. To be successful in the current circumstances, both private and public digital companies need to display both profitability and growth simultaneously. There is a tremendous opportunity for profitable and sustainable digital businesses to capture market share.”
“Riding on a 60% growth momentum in FY23 while narrowing the adjusted EBITDA burn to ₹20 crore, BankBazaar is well positioned to accelerate this 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,” Shetty said.
In a year of global headwinds, a spiking repo rate, and the annual inflation rate at its highest since the early 1980s, BankBazaar continued to consolidate its position in the unsecured lending space even as retail credit in India continued to grow strongly, backed by strong consumer credit demand. India’s retail credit outlook continues to look strong and was up by 20.4% Y-o-Y in January, according to RBI data.
The company plans to exit FY24 with a revenue of The company is working to increase the depth of its offerings to service the digital customer demand while ensuring profitability, which both private and public investors are looking for in digital businesses.
BankBazaar also confirmed that its IPO plans are in progress with an aim to list in 12-18 months. Prior to the IPO, BankBazaar is planning to raise a round of capital (a combination of fresh and some secondary) and has appointed ICICI Securities to advice on its capital raise plan.
BankBazaar.com is an Indian fintech co-branded credit card issuer and online platform for free credit score, and has a customer base of over 56 million users. Supported by global investors such as Experian, Eight Roads, Sequoia India, WSV, & Amazon, BankBazaar has been at the forefront of democratising finance in India by providing users with frictionless access to credit.