The funds will take CIMET’s existing exponential growth to the next level, expanding its product and technology offerings beyond energy and broadband and into new sectors such as banking and finance covering credit cards, loans, insurance and BNPL services.
CIMET’s quick market growth
CIMET is a privately owned and independent white label startup that has been in operation since September 2018. CIMET experienced a year-on-year revenue growth of 76 percent for FY2021, doubling its number of white label partners to around 30 – and 50,000 unique visitors each month comparing energy and broadband plans to secure a better deal.
CIMET’s Founder and Chief Executive Officer Ankit Jain said, “We are thrilled to have iSelect onboard as our strategic investor and partner as we begin this new chapter for CIMET.
“Receiving a significant investment from a household brand like iSelect after only three and half years in operation is a huge milestone, it marks a key turning point for the company.”
“Thanks to iSelect’s deep expertise, we are now well-equipped to “turbo charge” CIMET’s growth over the next 2-3 years, by expanding our product and technology portfolio to offer innovative, digital-first comparison services across verticals like Credit Cards, Home loans, Car loans, Personal loans, Life Insurance, Health Insurance, Pet Insurance among others.”
“The online comparison market is extremely crowded, with most platforms providing a light touch directory solution. CIMET’s integrated online comparison platform is an end-to-end solution that provides unbiased comparisons so users can make more informed decisions”.
CIMET plots global heist
Catering to more than 25 Energy and Broadband providers and over 30 white label partners and other co-branded partners, the business has plans to expand into international markets.
CIMET’s headcount has tripled over the past three years with the company now having more than 80 team members across three offices in Australia, India, and Philippines.