After recently raising ₹300 crore in an IPO, BLS E-Services has started exploring acquisition opportunities.
“We are currently evaluating synergistic businesses that will be accretive to EPS (earnings per share) across our growth strategy,” Shikhar Aggarwal, president of BLS E-Services, said in an emailed response.
An amount of ₹300 crore will be used to acquire complementary businesses to enhance existing capabilities, revenue streams and market presence, upgrade digital store infrastructure to enhance the assisted e-services segment and to strengthen the company’s technology infrastructure and consolidate its existing platform, 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 core business segments: business correspondent services, assisted e-services and e-government services,” he said.
“A key part of this growth strategy is 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 main business segments which include business correspondent services, assisted electronic services and e-government services.
Recently, its subsidiary StarFin obtained registration from the Insurance Regulatory and Development Authority of India (IRDAI) as a corporate agent. This means that the modern direction of activity will be insurance services.
It has also expanded its Business Correspondent (BC) business by adding modern capabilities such as Business Facilitator (BF) services for private sector banks, Door-Step-Banking (DSB) services for public sector banks and Business Associate (BA) services. in the field of obtaining loan applications for farmers and SMEs from the agricultural sector.
It currently has a network of over 1 lakh touchpoints across India, including BCs, Government to Citizens (G2C) and assisted e-services points.
