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    BLS International Services crosses $1 billion in market cap

    Synopsis

    These services include account opening with e-KYC, AEPS mini statements, passbook printing, savings bank deposits, fixed deposits, recurring deposits, remittances, micro pensions, and micro insurance. The company said the 'sustained' recovery of BLS’s visa and consular business and the winning of new tenders were 'major' contributors to the 87 per cent year-over-year growth in the operating revenue in Q2, 2022.

    BLS International Services crosses $1 billion in market capiStock
    BLS International Services Ltd. (BLS) said on Thursday that it has crossed the $1 billion market cap benchmark this week to become the latest unicorn in India.

    BLS International Services Ltd. (BLS) is services provider for governments and embassies in need of outsourcing visas, passport, consular, attestation, and citizen services.

    It also works with State Bank of India (SBI) as the national business correspondent to provide financial services in India's urban, semi-urban, and rural areas.

    These services include account opening with e-KYC, AEPS mini statements, passbook printing, savings bank deposits, fixed deposits, recurring deposits, remittances, micro pensions, and micro insurance.

    The company said the 'sustained' recovery of BLS’s visa and consular business and the winning of new tenders were 'major' contributors to the 87 per cent year-over-year growth in the operating revenue in Q2, 2022.

    BLS said it is working with "multiple' governments and embassies such as Brazil, Spain, Italy, Hungary, USA, Canada, Estonia, Lebanon, Portugal, Vietnam, Morocco, Belarus, France, UAE etc.

    The company has signed a contract with the Royal Thai embassy to provide visa services in Kenya and has won the contract with the Royal Thai Consulate General, Mumbai, for visa services.

    Recently, BLS has won the contract to process German visas in North America and Mexico. The company said with the acquisition of ZMPL and securing new contracts, its digital services division experienced rapid expansion in Q2 and H1 of FY22–23.

    BLS forayed into e-governance starting with the state of Punjab in 2016. The company said the Punjab project delivered front-end service to the states 1.84 crore population across 16 districts.

    This was followed by the Uttar Pradesh Project, under which BLS helped the Uttar Pradesh Government roll out citizen services of all government departments of UP through 12,000 Customer Service Centres (CSCs).

    In its Village Level Entrepreneurs (VLEs) Rajasthan Project, BLS was awarded the contract for setting up e-Mitra in five districts in the state.

    BLS said it is closely working with the UAE Ministry of External Affairs in the international arena, providing customized solutions for its seven centres National Identification Card Programme, operating application centres for Identity Management for Afghan nationals in GCC nations.

    It also issues digital IDs to e-residents granted by the Estonian Police and Border Guard Board (PBGB). BLS has also partnered with the National Identity Management Commission in Nigeria to enroll Nigerian citizens into the national identity database.

    Shikhar Aggarwal, joint MD of BLS International said: "This new milestone that BLS has crossed is the latest feather in our cap. But we will not rest on our laurels and will keep working harder and more efficiently, and introduce new innovations in our services."




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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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