New Delhi, Jan 11 (UNI) BankBazaar.com, India’s leading financial marketplace, is on track for 150 per cent revenue growth this fiscal year.
The company, which recently received Rs 191 Crore investment from Experian, has grown significantly in the last one year, doubling visitors and more than doubling revenue year to date.
In Q3-18, the company received 70M visitors per quarter, and they are all set to welcome 100M visitors in the last quarter of FY18.
According to a company press release, in the just concluded Oct-Dec’17 Quarter, company’s operating revenue witnessed a whopping 168 per cent growth while total expenses grew by only 53 per cent as compared to same time last year.
Growth has been across all product categories: Credit product have grown 178 per cent and Insurance transactions have grown 146 per cent during the same period last year.
PaperLess mutual funds on BankBazaar including SIP, One Time, ELSS, and Liquid are very popular with existing customers and BankBazaar is signing up over 100 new retail investors per day (interestingly 75 per cent of whom are new to Mutual Fund).
The company continues to invest heavily by hiring talent for its PaperLess program to ensure consumers can get instant and paperless access to loans, mutual funds and insurance (via BankBazaar Insurance). Bankbazaar has already added 400 new employees in 2017.
Adhil Shetty, Co-founder and CEO, BankBazaar, attributes this growth to their Paperless technology and platform. He said, “There is a clear realisation that digital businesses need to grow organically to be sustainable, and we are very happy with repeat usage on our platform.
Furthermore digital paperless businesses can make net margins of almost 80 per cent compared to traditional call centre businesses or businesses run by offline agents that make only 10 per cent net margins on products sold.”
“With close to 60 per cent of our customers opting for our paperless products, we have been able to scale Q3 quarterly revenue at 168 per cent while keeping costs controlled. Thanks to increased awareness and customer adoption, we believe that FY18 will be a year of even more organic growth as India migrates to Paperless,” he said.