Online financial services marketplace BankBazaar on Thursday announced a 91% growth in the company’s operating revenues for FY18. The operating revenue grew to Rs 103 crore up from Rs 54 crore in FY17.
The company’s total revenues for FY18 also grew to Rs 118 crore from Rs 71 crore in FY17. 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.
In FY18, the website traffic more than doubled and as many as 42% of these were returning visitors, the company said.
Over 57 million people searched for credit cards while 63.5 million people searched for loans on BankBazaar. The high number of organic and returning customers helped BankBazaar control customer acquisition costs.
EBITDA losses as percentage of revenue came down by 34%. Adhil Shetty, Co-Founder and CEO, BankBazaar, said, "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.”
“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 Ramesh Srinivasan, CFO, BankBazaar.
BankBazaar is expecting over 400 million visitors in FY19. The company has also grown to over 1800 employees to support this growth. The company is also preparing for an IPO in 2020-22.
