BankBazaar’s negative EBITDA margin reduced from 51.5% to 25%, revenue also increased
BankBazaar Plans IPO : Bank-Bazaar, a fintech company that works as an online financial services marketplace, is preparing to bring its IPO. The company intends to list its IPO in the market by 2023. The company gave this information on Thursday 7 April. The company has also given information about registering profit for the first time in March 2022 on Thursday itself. During the financial year 2021-22, the company’s revenue has also registered an increase.
10 lakh co-branded credit cards in two years
BankBazaar has also planned to recruit more than 1500 new employees in different departments in total during the new business year. The objective of this recruitment drive is to expand the company’s range of products to include co-branded credit products such as credit cards and personal loans from various banks and NBFCs. The company is confident that in the next two years, one million of its co-branded credit cards will be present in the market. In the case of co-branded cards, Yes Bank is the major partner of the bank-market. The company has also given information about these intentions in a statement issued on Thursday.
Tremendous improvement in negative EBITDA margin
Bank-Bazaar has succeeded in reducing its negative EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) margin to almost half during 2021-22. This negative margin was 51.5 percent in 2020-21, which came down to about 25 percent in 2021-22. The fintech company backed by Sequoia India and Amazon has also announced to achieve annualized revenue of Rs 156 crore with 100% CAGR during the business year ended March 2022.
In a statement issued by the company’s CEO Adil Shetty, it has been said that BankBazaar’s focus has always been on three things: 1. Modern technology 2. Customer priority and 3. Better profits. According to Shetty, his company is one of the few fastest growing fintech companies not only in India but across the globe.