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.
Aggarwal further said they spent more than Rs 1,000 crore on these acquisitions, which were primarily funded through internal accruals. Despite spending such an amount, the company still has a strong balance sheet with a net debt of just Rs 690 crore as of December 2024, while it continues to accumulate cash from operations.
“We can look at more acquisitions as we continue to maintain a strong balance sheet in cash and bank balances. This financial strength allows us to continue evaluating synergistic acquisition opportunities that can further enhance operational scale, expand our service offerings, and create long-term value for our shareholders,” Aggarwal said, adding he believes that these acquisitions, along with the expected growth in existing business, will enable them to sustain the growth trajectory moving forward.
He expects better days ahead as only about 40% of visa applications are currently outsourced to third-party service providers. This means a significant size of the market is untapped, he said, adding beyond visa processing, BLS also sees substantial potential in consular services and other government-to-citizen services.