BLS E-Services scouts for acquisitions

Published - June 10, 2024 10:41 pm IST - MUMBAI

Having raised ₹300 crore through an IPO recently, BLS E-Services has started scouting for acquisitions.

“We are currently evaluating synergetic businesses that will be EPS (Earnings Per Share) accretive for the entire growth strategy,” Shikhar Aggarwal, Chairman, BLS E-Services, said in an emailed response.

The ₹300 crore will be deployed for acquisition of complementary businesses to enhance the existing capabilities, revenue streams, and market presence, upgrade of Digital Store infrastructure to enhance the assisted e-services segment and for strengthening the company’s technology infrastructure and consolidation of the existing platforms, he added.

In FY25, the company plans to focus on both organic and inorganic growth strategies.

“The company will leverage its existing market position to expand each of its three primary business segments: business correspondents services, assisted e-services, and e-governance services,” he said.

“A key part of this growth strategy involves improving cross-selling opportunities by offering integrated products and services through our extensive network of BLS Touchpoints and BLS Stores,” he added.

“The goal is to become the ‘Go to Market Platform’ for various business verticals, including fintech and digital platforms,” he further said.

The company operates in three primary business segments which include Business Correspondents Services, Assisted E-services and E-Governance Services.

Recently its subsidiary StarFin had obtained registration from the Insurance Regulatory and Development Authority of India (IRDAI) as Corporate Agent. This indicates that it would venture into insurance services as a new business stream.

It has also expanded in Business Correspondent (BC) business to add new avenues like Business Facilitator (BF) services to private sector banks, Door-Step-Banking (DSB) services with public sector banks and Business Associate (BA) services for sourcing of farmers and agri SME loan applications.

Currently, it has a network of over 1 lakh touch points across India, including BC centres, Government-to-Citizen services (G2C) and Assisted E-Services points. 

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