BankBazaar.com plans to float IPO in next 12-18 months

Fintech firm BankBazaar.com announced on Tuesday that it is planning to go public in the next 12-18 months.

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

Before 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 per cent over FY22 on the back of a 60 per cent growth in its credit card issuances.

BankBazaar.com said, "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."

Adhil Shetty, Co-Founder and CEO of BankBazaar.Com, commented that riding on a 60 per cent 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 further added.

According to RBI data, India's retail credit outlook continues to look strong and was up 20.4 per cent year-on-year in January.