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BankBazaar operating revenue up by 91 pc in FY18

BankBazaar operating revenue up by 91 pc in FY18

Chennai, June 13 (UNI) Leading online financial services marketplace BankBazaar announced a 91 per cent growth in the company’s operating revenues for FY18.

The operating revenue grew to Rs103-crore up from Rs54-crore in FY17.

The company’s total revenues for FY18 also grew to Rs 118-crore from Rs 71-crore in FY 17.

According to the company, this revenue growth was fueled largely by an increase in organic visits, which accounted for almost 70 per cent 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 per cent 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 per cent compared to the previous year. Further, salary cost as a percentage of revenue also fell by 43 percent, 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 per cent, highlighting the efficiency with which BankBazaar has managed to rein in overall expenses, the company said.

BankBazaar is expecting over 400mn visitors in FY19. The company is also preparing for an IPO in 2020-22, it added.

UNI JPG SNU 1814

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