About Company

• BLS E-Services Ltd is a subsidiary of BLS International Services Ltd, which has a global presence and diversified range of services and is one of the biggest global players in visa application outsourcing.  
• BLS E-Services was incorporated on April 12, 2016. The company is a technology enabled digital service provider, offering (i) Business Correspondents services to major banks in India, (ii) Assisted E-services; and (iii) E-Governance Services at grass root levels in India. 
• BLS E-Services provides digital and physical products and services in the G2C (Government to Citizens), B2C (Business to Customers), B2B (Business to Business) categories in semi-urban, rural, and remote areas, through its robust network and tech-enabled integrated business model. 
• The company ties up with merchants for delivery of its products and services to the citizens and consumers. BLS Touch points offer multiple services provided by the company and BLS Stores offers entire suite of offerings to the consumers. As on September 30, 2023, the company had 98,034 BLS Touchpoints, which includes 1,016 BLS Stores. 
• The company’s subsidiary Zero Mass Pvt. Ltd (ZMPL) was the first ever business correspondent (BC) in the history of Indian Banking where its largest client, State Bank of India holds 6.83% equity stake. Presently, the company has entered into agreements with 5 nationalised banks and 3 regional rural banks namely to provide BC services. Subsidiaries, ZMPL and Starfin had more than 12,784 and 5,955 active BCs as on September 30, 2023. 
• BLS E-Services has entered into an MOU with the National e-Governance Division (“NeGD”) for agent assisted delivery of unified mobile application for new-age Governance (“UMANG”) services into its digital platform, offering convenient access of E-Governance Services.  
• As of September 30, 2023, the company operated in 3 states namely Punjab, Uttar Pradesh and West Bengal and had over 21,000 touch points to provide E-Governance services on behalf of the government. 
• BLS E-Services was selected as a district service provider for 12 districts in Uttar Pradesh, under the CSC 3.0 scheme by the Government of Uttar Pradesh. The scope of work includes operating and opening new common service centers. 

• BLS-E Services was appointed as an “Operator” for proposed computerization and e-governance of registration offices in the presidency zone of West Bengal. The scope of work includes procuring, installing, operating, maintaining the hardware network infrastructure, providing manpower services, and managing the services.

Strengths

Competitive Strength 

• Asset light business model;
• Multiple cross-selling and up-selling opportunities;
• Business model with diverse sources of revenue and negligible customer acquisition and retention costs;
• Successful track record of acquisitions;
• Experienced senior management, strong parentage, and skilled employees. 

Business Strategies 

• Strengthening and integrating the technology backbone;
• Grow the merchants and BLS Stores network;
• Pursue strategic investments and acquisitions to enhance product and service capabilities;
• Leverage existing market position to grow each business segments, with an aim to improve cross-selling results.

Company Promoters

Company Financials

BLS E-Services Limited's revenue increased by 150.31% and profit after tax (PAT) rose by 277.94% between the financial year ending with March 31, 2023 and March 31, 2022.

Objects of the Issue

The company proposes to utilise the Net Proceeds towards funding the following objects:

1. Strengthening the technology infrastructure to develop new capabilities and consolidating the existing platforms;
2. Funding initiatives for organic growth by setting up of BLS Stores;
3. Achieving inorganic growth through acquisitions; and
4. General Corporate Purposes