ArticlesBankBazaar IPO on Cards: Preparing to bring BankBazaar IPO, listing intention in...

BankBazaar IPO on Cards: Preparing to bring BankBazaar IPO, listing intention in 2023, 1500 new employees will also be hired

BankBazaar's negative EBITDA margin reduced from 51.5% to 25%, revenue also improved

BankBazaar Plans IPO: BankBazaar , a fintech company working as an online financial services marketplace, is preparing to bring its IPO. The company intends to list its IPO in the market by 2023. The company gave this information on Thursday 7 April. The company has also given information about registering profit for the first time in March 2022 on Thursday itself. During the financial year 2021-22, the company’s revenue has also increased.

10 lakh co-branded credit cards in two years

BankBazaar has also planned to recruit more than 1500 new employees in different departments in total during the new business year. The objective of this recruitment drive is to expand the company’s range of products to include co-branded credit products such as credit cards and personal loans from various banks and NBFCs.

The company is confident that in the next two years, one million of its co-branded credit cards will be present in the market. In the case of co-branded cards, Yes Bank is the major partner of the bank-market. The company has also given information about these intentions in a statement issued on Thursday.

Tremendous improvement in negative EBITDA margin

Bank-Bazaar has succeeded in reducing its negative EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) margin to almost half during 2021-22. This negative margin was 51.5 percent in 2020-21, which came down to about 25 percent in 2021-22. The fintech company backed by Sequoia India and Amazon has also announced to achieve annualized revenue of Rs 156 crore with 100% CAGR during the business year ended March 2022.

In a statement issued by the company’s CEO Adil Shetty, it has been said that BankBazaar’s focus has always been on three things: 1. Modern technology 2. Customer priority and 3. Better profits. According to Shetty, his company is one of the few fastest growing fintech companies not only in India but across the globe.

Subscribe to our newsletter

To be updated with all the latest breaking news on your email

Covid India Active Cases

India
16,991
Total active cases
Updated on May 20, 2022 3:47 am

Related Stories

Trending Stories

Delhi Water Crisis facing water shortage amid scorching heat, water supply will be affected...

Delhi Water Crisis: Amidst the scorching heat in the country's capital Delhi, a water crisis has also arisen in front of the people. Water...

TNPSC Confirmed Group 2 Exams have Negative Minus Marking

Chennai: Tamil Nadu Public Service Commission TNPSC to fill 5,529 vacancies in Group 2, 2A posts in Government Departments. The first level qualifying examination will...

Israeli occupation forces attacked mourners carrying the coffin of Al Jazeera journalist Shireen Abu...

Al Jazeera News Agency tweet recently "Israeli occupation forces attacked mourners carrying the coffin of Al Jazeera journalist Shireen Abu Akleh on Friday".Shireen Abu...

Starlink Satellite Internet Service Now Available in 32 Countries Check at www.starlink.com/map

SpaceX satellite internet service Starlink announced Friday that it is available in 32 countries. Earlier this year it was reported to have presence in...

Kannitheevu 2022 Official Trailer Released on YouTube

South Indian actress Varalaxmi Sarathkumar starring Kannitheevu movie offical trailer released on YouTube. The upcoming tamil film Kannitheevu has planned to releasing on this...

Recently Popular

5 Steps to Reduce Electricity Bill from Your Air Conditioner

In the summer season, as much as it is relaxing to eat the cool air...

Kerala SSLC, DHSE Plus Two Result Date 2022 Check Details

Kerala Education Minister V Sivankutty officially shared the results of Kerala SSLC Exams 2022 and...

Russian army destroyed Ukrainian underground arsenal with hypersonic missile attack

The Russian military says a kinzhal hypersonic missile has destroyed an underground weapons depot in...

Here are some simple home remedies to get rid of constipation problem

Home Remedies for Constipation: Due to the busy lifestyle and unhealthy eating habits of the...

International Kabaddi Player Sandeep Nangal Shot Dead by unknown Persons in Punjab

Chandigarh: The kabaddi competition was held in Malian village in Jalandhar, Punjab. The unknown people's...

Emergency in Sri Lanka: Sri Lanka Declares Emergency after spread Violence

Colombo: Sri Lanka is currently experiencing a severe economic crisis. As a result, there is...

Recommended Stories

Trending Now