The founder and CEO of BankBazaar.com said that the company plans to file for an IPO by the end of the year.
In association with Yes Bank and RBL Bank, the company is issuing two co- branded credit cards.
In the second quarter of FY23, the company registered 85 per cent year-on- year growth in its top line. The company's credit card sales increased in the second quarter.
We have delivered 85 percent year-on-year top line growth in the second quarter of FY23. In the second quarter, we had annualised revenue of Rs 170 cr, which was 85 per cent higher than a year ago.
Whatever we deliver in Q2 will continue and that's the kind of growth we want to deliver for the full year. We have delivered in August and September in the past. We would like to make a full year profit in FY23.
The measure of a company's financial performance is called earnings before interest, taxes, depreciation and amortization.
BankBazaar.com had a top line of Rs 150 cr for the year.
The growth in its co- branded credit card segment will continue in the third and fourth quarters of this fiscal.
"We believe this puts in a unique position, when investors reach out to us and talk to us, they are like this is very-very exciting, you are building a long-term company which fits in with the regulatory regime."
The banks are providing the balance sheet and compliance for KYC.
We think we are in a good place. Our vision for the company is to build India's most profitable co- branded credit card platform with the kind of conversations that are happening now, we remain committed to our goal that we would like as a profitable company to go for an IPO and file for it
The company is considering raising about 100 million dollars over the next three years. There is no need for capital at the moment.
When an investor reaches out to us, we feel like we are growing profitable. If capital is available from a good strategic investment to accelerate growth, we are happy to engage with the conversations that are happening
BankBazaar.com claims to have the largest co- branded credit card issuer and online platform for free credit score. It is backed by a number of global investors
He said that a lot of spend is moving online.
The online ticket size at BankBazaar is around Rs 25,000, which is an increase from the previous year. More and more people are using the internet.
The online ticket size is much larger than the offline transactions.