Another unicorn emerges from India's startup stable, BLS crosses $1 bn market cap

Since 2005, BLS has been a service provider for governments and embassies around the world with regard to outsourcing visas, passport, consular, attestation and citizen services.

PTIUpdated: Thursday, December 15, 2022, 10:39 PM IST
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Tech-enabled services provider BLS International Services (BLS) on Thursday said it has become the latest unicorn in the country with its market capitalisation crossing $1 billion this week.

BLS International's stock price has more than doubled in the past six months, shooting up 110 per cent, compared to the S&P BSE Sensex's 14 per cent increase during the same period, the company said in a statement.

"BLS -- one of the top three global tech-enabled services providers for governments and citizens -- crossed the $1 billion market cap benchmark this week to become the latest unicorn in India," it said.

Since 2005, BLS has been a service provider for governments and embassies around the world with regard to outsourcing visas, passport, consular, attestation and citizen services.

They work with India's largest bank, State Bank of India (SBI), as a national business correspondent to provide financial services in India's urban, semi-urban and rural areas.

"This new milestone that BLS has crossed is the latest feather in our cap," said Shikhar Aggarwal, Joint Managing Director, BLS International.

He further said the company will introduce new innovations in its services.

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Its revenue increased by 70.6 per cent year-on-year to ₹ 630 crore in the first half of the current financial year and consolidated profit after tax increased by 71 per cent to ₹ 81.69 crore.

The company works with over 46 client governments including diplomatic missions, embassies and consulates.

BLS has a network of more than 27,000 centres globally having 20,000 employees and associates. It has processed over 62 million applications to date globally.

BLS shares closed at ₹ 198.45 apiece on the BSE on Thursday, down 1.59 per cent from previous close. 

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