BankBazaar.com plans to go public in next 12-18 months

BankBazaar.com announces IPO plans

Fintech firm BankBazaar.com on Tuesday said it plans to go public in the next 12-18 months.

The company had a net revenue of Rs 160 crore in FY23.

The Initial Public Offering (IPO) plans are in progress with an aim to list in 12-18 months, co-branded credit card issuer BankBazaar.com said in a statement.

Prior to the IPO, BankBazaar is planning to raise a round of capital and has appointed ICICI Securities to advice it on the same.

The company grew its net revenue for FY23 by 60 percent over FY22 on the back of a 60 percent growth in its credit card issuances.

The growth was 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, BankBazaar.com said.

Adhil Shetty, Co-Founder and CEO of BankBazaar.com, said riding on a 60 percent growth momentum in FY23 while narrowing the adjusted EBITDA burn to Rs 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 percent year-on-year in January.