PolicyBazaar parent PB Fintech’s losses narrow in Q4, revenue more than doubles
- ByStartupStory | May 30, 2022
PB Fintech which governs PolicyBazaar (insurance marketplace) and PaisaBazaar ( credit platform) has narrowed losses in the fiscal fourth quarter to ₹219.6 crore which was ₹643.8 crore a year ago.
Total revenue of PB Fintech for FY22 was reported ₹ 1550.2crore(62% increase from FY21) which was ₹ 957.41 crore in FY21. In the previous fiscal year FY21, the total income was ₹290.08 crore which rose to ₹591.16 crore in the last quarter of FY22. The parent company curbed the loss by 36% as compared to the quarter end when the total reportedly was ₹298 crore.
According to PB Fintech overall premium rose to ₹ 6,975 crore i.e by 46%. In the fourth quarter, insurance premium grew to ₹ 2176 crore by 70%. The credit disturbals for PaisaBazaar also grew to ₹2189 crore i.e by 72% in the fourth quarter.
Policy bazaar was founded in July, 2008 by Yashish Dahiya, Alok Bansal and Avaneesh Nirjar. It is headquartered in Gurgaon, It is an Indian insurance aggregator and multinational fintech company. Lately it has also expanded its operation to United Arab Emirates.
“Our focus continues towards increasing insurance coverage for families across India. We are seeing a steady shift in business mix towards smaller towns and cities; currently 59% of our insurance business is from non-Tier 1 cities, up from 28% in FY17,” said the company.
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