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BLS International Services becomes India's largest unicorn, crosses $1 billion market cap

The company stated that its visa and consular business continued to recover robustly in Q2, 2022, and that it won new tenders that contributed to the 87 percent year-over-year growth in operating revenue.

December 15, 2022 / 02:56 PM IST

Global tech-enabled services provider BLS International Services Ltd on December 14 crossed the $1 billion market cap benchmark to become the largest unicorn in India.

Governments and embassies around the world have turned to BLS since 2005 for passport, visa, consular, and citizen services, the company said in a statement and added that it is working with countries such as Brazil, Spain, Italy, Hungary, the United States, Canada, UAE, Belarus, and France.

BLS also recently won the contract to process German visas in North America and Mexico and will be re-tendering several other visa service contracts soon.

The company further informed that its visa and consular business continued to recover robustly in Q2, 2022, and that it won new tenders, which contributed to the 87 percent year-over-year growth in operating revenue. The visa business, it said, grew as a result of revenge travel that followed the easing of COVID-19 travel guidelines.

In Q2 and H1 of FY22–23, the company's digital services division experienced rapid expansion, thanks to the acquisition of ZMPL and other new contracts.

Shikhar Aggarwal, Joint Managing Director, BLS, 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. The sky is the limit for everyone at BLS."

During the past six months, BLS International's stock price has more than doubled, rising 110 percent, compared with a 14 percent rise in the S&P BSE Sensex. As part of its commitment to growth, the firm granted 1:1 shares on December 10, 2022.

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Moneycontrol News
first published: Dec 15, 2022 02:56 pm

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