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BankBazaar operating revenue grows 91 pc in FY'18

Press Trust of India  |  New Delhi 

Online financial services marketplace registered 91 per cent jump in operating revenues at Rs 103 crore in 2017-18 and plans to come with IPO in next four years.

The operating revenues in 2016-17 stood at Rs 54


Total revenue was up 66 per cent to Rs 118 from Rs 71 crore in 2016-17, the company said in a statement today.

"This revenue growth was fuelled largely by an increase in organic (new) visits, which accounted for almost 70 per cent of the total traffic.

"is expecting over 400 million visitors in 2018-19. The company has also grown to over 1,800 employees to support this growth. It is also preparing for an IPO in 2020-22 period," said.

There was 135 per cent jump in organic transactions which was key

The company's EBITDA losses as percentage of revenue came down 34 per cent, highlighting the efficiency with which BankBazaar has managed to rein in overall expenses, it said further.

In 2017-18, the website traffic more than doubled and as many as 42 per cent of these were returning visitors. Over 57 million people searched for credit cards while 63.5 million searched for on BankBazaar, it said.

The company, which introduced paperless, presenceless facility around one-and-half years ago said the technology now accounts for over 18 per cent of the company's total transactions.

"By the end of 2018-19, the company expects to scale up paperless to 50 per cent of the total transactions," said Ramesh Srinivasan, CFO, BankBazaar.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 14 2018. 16:55 IST