BankBazaar posted a 51% YOY increase in revenue in Q1-FY24, driven by its portfolio of co-branded Credit Cards and Personal Loans, latter FY23 with audited revenue of ₹159 crore (66% revenue growth from FY22). Read on for more.
BankBazaar.com, India’s largest fintech co-branded credit vellum platform and online platform for self-ruling credit score, posted a 51% YOY increase in revenue in Q1-FY24, driven by its portfolio of co-branded Credit Cards and Personal Loans. This performance is versus the scenery of Credit Vellum spends in India hitting a record upper of ₹1.4 trillion in May with 87.4 million Credit Cards in force. This significant growth is driven by consumer demand for digital Credit Cards that provide multiple add-on benefits such as No-Cost EMIs for electronics, and travel and hospitality in wing to the usual rewards. The visitor is moreover excited well-nigh shortly enabling a Credit Vellum on UPI option for consumers which will unshut up 60 million merchants.
The trademark has moreover filed its audited revenue from operations for the financial year ended March 2023 with the Ministry Of Corporate Affairs. The audited FY23 revenue of BankBazaar was ₹159 crore (a 66% YOY growth compared to FY22) with an EBITDA shrivel of 14%. By remoter narrowing the EBITDA shrivel in Q1, the visitor stated it is poised for sustainable co-brand merchantry scale-up. With Q1-FY24 growth momentum established in tough market conditions for digital businesses and tight tenancy of stock-still costs, the visitor is set to slide revenue to over ₹250 crore in FY24 with profit.
Adhil Shetty, Co-Founder and CEO, BankBazaar.com, says: “BankBazaar is single-minded to delivering a compelling growth story. With a strong momentum of 66% growth in FY23 and a significant reduction in EBITDA burn, we are strategically positioned to slide our revenue growth in FY24. In a landscape where governance is critical, we are working on showcasing our dedication to transparency and financial responsibility as we squint to an IPO in the coming year. Our proactive tideway and focus on EBITDA allows us to maintain our strong position in the market and instills conviction in our stakeholders.”
Pankaj Bansal, Chief Merchantry Officer (CBO), BankBazaar.com, nature the 51% revenue growth in Q1-FY24 versus Q1-FY23 to the growth of the co-brand Credit Vellum business. Says Bansal: “The strategic shift to a co-brand merchantry has proven to be a game-changer for us, and we firmly believe that this tideway will protract to be the cornerstone of our growth in the coming months and years. The horizon for the upcoming quarters and years is positive, thanks to our rapidly growing co-brand partnerships with large banks. There is a lot of interest in BankBazaar co-brand Credit Vellum offering Credit Score health check, special rewards for digital spends, and targeted No-Cost EMIs every month, which is going to slide our revenue and our journey to profitability this year.”
BankBazaar.com is India’s largest fintech co-branded Credit Vellum platform and online platform for free Credit Score, and has a consumer wiring of over 56Mn 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 wangle to credit.
[Source: Visitor Press Release Dated July 26th, 2023.]