BankBazaar, India’s leading paperless financial marketplace,
announced that Ramesh Srinivasan will be joining the company as its new CFO.
Ramesh comes with 22 years of experience in the Banking & Financial
Services Industry (BFSI) segment and was earlier the Financial Advisor at
Hitachi Payment Services. Prior to his current role, Ramesh was Chief Financial
Officer and was also in charge of business planning and strategy for BNA &
CRM at Hitachi Payment Services.
A Chartered Accountant and Cost Accountant by education, Ramesh
has been a part of organizations such as AT&T‚ NCR, and Optimus. Ramesh
would be based in Chennai and would be responsible for leading the company
towards an IPO release. Speaking on the appointment, Adhil Shetty, CEO,
BankBazaar, said: “This is a very exciting time for BankBazaar. Our
technology and paperless platform have made BankBazaar the flag-bearer in
helping customers access the right financial products online in the safest and
simplest manner. Now we are looking to consolidate our successes and plan ahead
with an eye on releasing our IPO in 2020-22. We are confident that Ramesh's
expertise in developing financial processes will take us further on our path.”
At a time when most sectors and businesses are thinking of
downsizing and cost-cutting, BankBazaar continues on an expansion mode.
Previously, BankBazaar had announced that it would be recruiting approx. 400
new employees. As of August 2017, the company has welcomed more than 130 new
employees, and is in the process of recruiting more. The company anticipates
this expansion to drive its future vision and roadmap after a strong growth in
2016-17. Shetty explains: “We are working on building bigger and more
diverse team that can take on the challenges thrown up by next stage of the
business cycle. This new team will drive the next phase of growth and
profitability for BankBazaar. The expectations are high and so is our
enthusiasm.”
In the last financial year, BankBazaar has seen a remarkable
growth. The company has made great strides in developing a paperless platform
for a range of products, implementing the world’s first multi-brand platform
for unsecured credit products such as personal loans and credit cards, along
with paperless investment products. The number of unique visitors per month
grew from 9M in March 2016 to 17M in March 2017. This is despite a 50%
reduction in cost per customer acquisition. The company also announced positive
unit economics on every transaction in the last financial year and is on track
to achieve EBITDA profitability from December 2017. The year 2016 also saw
BankBazaar’s expansion into the international market beginning with Singapore
followed by Malaysia in 2017.
No comments:
Post a Comment