SBI Cards & Payment Services Ltd.

Incorporated in 1998, SBI Cards and Payment Services Limited is a subsidiary of SBI, India's largest commercial bank in terms of deposits, advances and the number of branches. SBI currently holds (along with its nominees) 689,927,363 Equity Shares, constituting to 74.00 % of the pre-Offer issued, subscribed and paid-up Equity Share capital of the Company.The company the 2nd largest credit card issuer in the country, with a 17.6% and 18.1% market share of the Indian credit card market (number of credit cards) as of March 31, 2019, and November 30, 2019, respectively, and a 17.1% and 17.9% market share of the Indian credit card market ( total credit card spends) in fiscal 2019 and in the eight months ended November 30, 2019.SBI Cards offers a wide range of credit cards to individual and corporate clients including lifestyle, rewards, shopping, travel, fuel, banking partnership cards, and corporate cards, etc.SBI Cards has partnered with several leading names across industries, including Air India, Apollo Hospitals, BPCL, Etihad Guest, Fbb, IRCTC, OLA Money and Yatra, amongst others.As a subsidiary of SBI, the company has access to SBI's extensive network of 21,961 branches across India. The partnership enables it to market its cards to a huge customer base of 445.5 million customers.Headquartered in New Delhi, as of December 31, 2019, the company has a sales force of 38,677 outsourced sales personnel operating out of 145 Indian cities.The company's total income increased at a CAGR of 44.9% and the revenues from operations have increased at a CAGR of 44.6% between fiscal 2017 to 2019. The net profit grew at a CAGR of 52.1% during the period.Competitive Strengths1. 2nd largest credit card issuer in India with a strong track record of growth and profitability.2. Leading player in open market customer acquisitions using physical and digital channels in India.3. A well-known promoter in SBI with strong brand recognition.4. Diversified credit card portfolio and partnerships with leading brands across industries.