On the back of three FY25 acquisitions, BLS scouts for more
MUMBAI: BLS International Services, which is the second largest player in the visa outsourcing market globally and has done three acquisitions worth Rs 1,000 crore in the past fiscal alone, is on the lookout for more opportunities for faster growth through the inorganic route.
BLS works with 46 client-governments worldwide and is present in over 70 countries. It processes more than 4 million visa applications annually, garnering more than 95% of its revenue from this side of the business. During the first nine months of fiscal 2025, BLS had processed 27.69 lakh visa applications, surpassing the pre-pandemic levels.
New Delhi-based BLS has reported a strong financial performance in the first three quarters of FY25 with revenue of Rs 1,501 crore, up from Rs 1,229 crore in the corresponding period of the previous fiscal, reflecting a 22% growth. During the period under review, its net profit jumped 64% on-year to Rs 394 crore from Rs 240 crore.
In FY25, the company has done three acquisitions with the Turkiye-based iData being the largest.
In July 2024, BLS purchased 100% stake in this Turkiye firm for Rs 720 crore, and in October it acquired 100% stake in Dubai-based Citizenship Invest for around Rs 260 crore. The third deal was in November when it acquired 57% stake in the domestic firm Aadifidelis for an enterprise value of around Rs 190 crore.
iData provides visa and consular services, and is the exclusive provider of visa and consular services to the Italy since 2006 and to Germany since 2012.
BLS sees strategic acquisitions as a critical enabler for scaling up the business alongside organic growth, its joint managing director Shikhar Aggarwal told TNIE.
The acquisition of iData has added 15 new geographies to BLS’ footprint along with 37 visa application centres, enhancing its presence in key global markets and strengthening its position in the global visa and consular services space, he said, adding this is a significant milestone in their global expansion journey.