BLS E-Services Ltd

About the Company:

BLS E-Services Ltd is a technology enabled digital service provider, providing Business Correspondents services to major banks in India, Assisted E-services and (E-Governance Services at grass root levels in India.

Company provides access points for delivery of essential public utility services, social welfare schemes, healthcare, financial, educational, agricultural and banking services for governments (G2C) and businesses (B2B) alike in addition to a host of B2C services to citizens in urban, semi-urban, rural and remote areas.

Company’s merchants act as interface with the consumers and play a critical role in delivery of goods and services on the ground.

Presently, company’s merchants are organised in two categories i.e. BLS Touchpoints and BLS Stores.

All merchants registered with th company are treated as BLS Touchpoints and they have access to offer multiple services being extended by the company.

BLS Stores are BLS branded stores which offer the entire suite of offerings to the consumers including availability of select goods on a sample basis supplied by e-commerce players which can be ordered and procured by the consumers after having a touch and feel experience of such goods.

As on September 30, 2023, company had 98,034 BLS Touchpoints, which includes 1,016 BLS Stores.



Company’s primary business segments:

  • Business Correspondents Services.
  • Assisted E-services.
  • E-Governance Services.



Revenue Generated from various Business segments: 



Management Team:

  1. Mr. Diwakar Aggarwal (Designation: Non-Executive Director)
  2. Mr. Shikhar Aggarwal (Designation: Chairman and Non- Executive Director)



Company’s Key Financial parameters: (in Lakhs)



Objectives of the Issue:

Fresh Issue: (Rs.310.90 cr)

  • Strengthening our technology infrastructure to develop new capabilities and consolidating our existing platforms.
  • Funding initiatives for organic growth by setting up of BLS Stores.
  • Achieving inorganic growth through acquisitions.
  • General Corporate Purposes.




Fund Utilisation:

Particulars Amount (Rs. in Crores)
Strengthening our technology infrastructure to develop new capabilities
and consolidating our existing platforms
Funding initiatives for organic growth by setting up of BLS Stores 74.78
Achieving inorganic growth through acquisitions 28.71




Financials of the Company:

(in Crores) FY 21 FY 22 FY 23 Upto 30th Sept 23
Revenue 65.23 98.39 246.29 158.08
Net Profit 3.14 5.37 20.33 14.68





Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
BLS E-Services Ltd 10 3.02 44.70 16.46% 18.76
EMudhra Ltd 5 8.01 56.27 15.75% 53.02



IPO Details:

Details Info
Issue Opens on 30th January 2024
Issue Closes on 1st February 2024
Issue Price Rs.129 – 135
Face Value Rs.10
Retail Category Allocation 35%
Minimum Lot  108 Shares
Minimum Investment Rs. 14,580
Issue Constitutes 25.34%
Issue Size Rs.310.90 cr ($ 37 million)
Market Cap Rs. 1226 cr ($ 147 million )
Listing at NSE & BSE
Equity Shares Offered (Fresh) 2,30,30,000
Equity Shares Prior to the Issue 6,78,26,485
Equity Shares after the Issue 9,08,56,485

Also Read : List of Upcoming IPO’s in India.


Important Dates:

Finalization of Basis of Allotment on or Before 5th February 2024
Initiation of Refunds on or Before 5th February 2024
Credit of Equity Shares: on or Before 5th February 2024
Listing Date: on or Before 6th February 2024



IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
3.02 44.70 16.46% 18.76



Company Contact Info:
BLS E-Services Ltd
G-4B-1, Extension, Mohan Co-operative
Indl. Estate Mathura Road, South Delhi,
New Delhi –110044, India.
Telephone: +91-11-45795002



Registrar to the Issue:
KFin Technologies Limited
Address: Selenium, Tower B, Plot No. 31- 32,
Gachibowli, Financial District,
Nanakramguda, Serilingampally,
Hyderabad-500 032, Telangana, India
Telephone: + 91 40 6716 2222