BankBazaar.com hopes to breakeven this fiscal; to file DRHP for IPO next year

New Delhi: Fintech firm BankBazaar.com expects its bottomline to turn positive this financial year helped by newer products including co-branded credit cards on UPI.

Post breakeven, the company would start the preparation for listing and hopes to file the Draft Red Herring Prospectus for initial public offering (IPO) in the next financial year, BankBazaar.com founder and CEO Adhil Shetty told PTI.

The company which started off as a loan comparison platform in 2008, is now majorly into co-branded credit card space, issuing such cards in association with banks.

The company expects to soon launch co-branded credit cards on UPI, he said, adding that this is going to accelerate revenue as demand for credit is high.

Besides, he said, targeted no-cost EMIs every month are going to add to topline and the company is set to push revenue to over Rs 250 crore in FY24 with profit.

During the first quarter, the company posted a 51 per cent increase in revenue driven by its portfolio of co-branded credit cards and personal loans.

The audited FY23 revenue of BankBazaar was Rs 159 crore, registering a 66 per cent growth over previous fiscal with an Earnings before interest, taxes, depreciation, and amortization (EBITDA) burn of 14 per cent.

With a strong momentum of 66 per cent growth in FY23 and a significant reduction in EBITDA burn, the company strategically positioned to accelerate the revenue growth in FY24 to Rs 250 crore, he said.

"In a landscape where governance is critical, we are working on showcasing our dedication to transparency and financial responsibility as we look to an IPO in the coming year.

"Our proactive approach and focus on EBITDA allows us to maintain our strong position in the market and instills confidence in our stakeholders," he said.