BankBazaar to turn profitable in FY23; to go for IPO by next calendar: CEO
BankBazaar.com, which eyes to become the most profitable co-branded credit card platform, expects to turn profitable this fiscal and plans to file for an IPO by the end of next year, founder and CEO Adhil Shetty said.
The company which started off as a loan comparing platform in 2008 is now majorly into co-branded credit card space, issuing two such cards in association with Yes Bank and RBL Bank.
In the second quarter of FY23, the company registered 85 per cent year-on-year growth in its top line, clocking a revenue of Rs 170 crore. Company's credit card sales were up by 115 per cent in Q2.
"We are happy that we are growing profitably and we have delivered 85 per cent year-on-year top line growth in Q2FY23. We had annualised revenue of Rs 170 crore (up by 85 per cent from a year ago) in Q2 and in August and September, both the months, we were EBITDA positive.
"So we are projecting that whatever we have delivered in Q2, that will continue and that's the kind of growth we would like