BankBazaar operating revenue
up by 91% in FY18
135% jump in organic transactions key growth
driver
Chennai,
June 14, 2018: BankBazaar, India’s
leading online financial services marketplace, announced a 91% growth in the
company’s operating revenues for FY18. The operating revenue grew to Rs.103Cr up
from Rs.54Cr in FY17. The company’s total revenues for FY18 also grew to Rs.118Cr
from Rs.71Cr in FY 17. According to the company, this revenue growth was fueled
largely by an increase in organic visits, which accounted for almost 70% of the
total traffic.
BankBazaar over the years
has become synonymous with personal finance in India. In FY18, the website
traffic more than doubled and as many as 42% of these were returning visitors. Over
57mn people searched for credit cards while 63.5mn people searched for loans on
BankBazaar. The high number of organic and returning customers helped BankBazaar
control customer acquisition costs. This is evident from the fact that the total
marketing costs including brand marketing as a percentage of revenue fell by
30% compared to the previous year. Further, salary cost as a percentage of
revenue also fell by 43%, which indicates strong economies of scale as the
tech-driven platform continues to grow. Consequently, EBITDA losses as
percentage of revenue came down by 34%, highlighting the efficiency with which
BankBazaar has managed to rein in overall expenses. These numbers for FY18 are
unaudited and may see minor changes when the audited report is submitted.
 |
| Mr. Adhil Shetty, Co-founder and CEO, BankBazaar |
Speaking on the great run, Mr. Adhil Shetty, Co-Founder and CEO,
BankBazaar, said: We have made
tremendous strides and come up on top, thanks to our laser-focused vision and a
great team working on making it a reality. We saw both investors and customers
believing in our vision and wanting to join our journey of making personal
finance paperless and presenceless. We continued to attract investors in our
Series D, with Experian joining our existing marquee investors like Amazon,
Seqouia Capital, Walden International, Fidelity Growth Partners, and Mousse
Partners. At the same time, we saw customers across India, metros and
non-metros, increasingly preferring to go the online way with us. We are
confident of impressive growth in the coming year as well.”
 |
| Mr. Ramesh Srinivasan, CFO, BankBazaar. |
BankBazaar believes
paperless, presenceless digital finance is the future of Personal Finance in
India. Since its introduction 15 months back, Paperless has grown to account
for over 18% of BankBazaar’s total transactions. By the end of FY19, the
company expects to scale up paperless to 50% of the total transactions. BankBazaar’s
focus for FY19 is to dive deeper into the paperless value chain by bringing new
partners and customers into the fold. “Our
online paperless model has 3X conversions at half the costs, compared to
offline models. This will not only help us scale up our revenue rapidly, but
also reduce our rate of cash-burn. We are looking to close the last quarter of
this year as EBITDA profitable,” adds Mr. Ramesh
Srinivasan, CFO, BankBazaar.
BankBazaar is expecting over
400mn visitors in FY19. The company has also grown to 1800+ employees to
support this growth. The company is also preparing for an IPO in 2020-22.
About BankBazaar
BankBazaar.com, ranked as the best financial website in India by the
Internet And Mobile Association of India (IAMAI) and the best emerging brand in
Asia by CMO Asia, is India’s first neutral online marketplace that gives you
instant customized rate quotes on loans, credit cards or any other personal
finance products. It simplifies the loan application process. Anyone can
instantly search for tailor-made offers, compare, customize it as per his or
her need or profile and apply for their finance products. It is designed with
smart technology capabilities and over 85+ of India’s leading financial
institutions and insurance firms have chosen to integrate themselves with the
platform. For the online consumer today, banking is as easy as shopping for
anything online. What’s more, BankBazaar's services are completely free!
BankBazaar services are available through the
web-portal, made-for-mobile web service, or the BankBazaar app available on the
Android play store and iOS app store. It helps consumers compare best offers
across various banks and NBFCs. Apart from these, it gives the consumer the
latest news/trends and insights into managing finances better. The consumers
can track their application and troubleshoot issues in the process through a
host of channels like the BankBazaar app, WhatsApp, Email, Voice-support etc.
Apart from India, BankBazaar.com also has an office in
Singapore and Malaysia. It commenced operations of BankBazaar.sg in 2016 and bbazar.my in 2017, and is well positioned to be a fully
integrated online acquisition channel for partner banks.
Media Contacts:
- Parul Shrivastava | BankBazaar.com | parul.shrivastava@bankbazaar.com
- Vidya Nadiminti | Adfactors PR | vidya.nadiminti@adfactorspr.com
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