Paisabazaar

Last updated
Paisabazaar
Company type Private
Industry Online marketplace, Financial products
Founded2014
Key people
  • Naveen Kukreja (Co-Founder & CEO)
  • Yashish Dahiya (Co-Founder, Chairman & CEO, PB Fintech)
  • Alok Bansal (Co-Founder & Executive Vice-Chairman, PB Fintech)
ProductsLoans, credit cards, free credit report
Parent PB Fintech Limited (formerly known as EtechAces Marketing and Consulting)

Paisabazaar is an Indian digital loan and credit card platform. [1] It is a part of PB Fintech (formerly EtechAces Marketing and Consulting). [2] [3] In 2020, Paisabazaar was India's largest digital consumer credit marketplace, with a 51.4% market share in terms of disbursals. [4] [5]

Contents

History

Paisabazaar, co-founded by Yashish Dahiya, [6] [7] Alok Bansal, and Naveen Kukreja in Gurugram, Haryana in 2014, [8] [9] is owned by PB Fintech, the parent company of the insurance technology platform Policybazaar. In July 2018, the platform achieved an annualized loan disbursal rate of $1 billion. [10] [11] By October 2022, Paisabazaar had recorded over 30 million visitors. [12] In March 2022, Paisabazaar became a member of the FACE Consortium, a collaborative platform of online consumer credit providers such as Orange Retail Finance and Phocket. [13] [14]

Funding

In January 2018, Paisabazaar's parent company PB Fintech (formerly EtechAces Marketing and Consulting) committed to funding $31.58 Mn (INR 200 Cr) as part of the $78.9 Mn (INR 500 Cr) pre-IPO funds the parent firm received in October 2017 from True North and IDG Venture Partners. [15] [16]

On November 15, 2021, Paisabazaar's parent company PB Fintech was listed on Indian Stock Exchanges. [17]

Controversy and lay-offs

In early March 2022, customers of Paisabazaar received an email claiming that their account for mutual fund services would be terminated on 25th March. Nevertheless, on 16th March, Paisabazaar released a statement asserting that reports of the platform shutting down its mutual fund operations were unfounded. [18] [19]

In 2020, Paisabazaar laid off more than 1,500 employees to cut down costs owing to the impact of COVID-19. [20] [21]

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References

  1. ↑ Livemint (2022-02-25). "Paisabazaar's credit awareness initiative helps 52 lakh consumers boost score". mint. Retrieved 2023-04-04.
  2. ↑ Bhakta, Pratik (2016-07-04). "Paisabazaar eyes operating profit by next quarter". The Economic Times. ISSN   0013-0389 . Retrieved 2023-04-04.
  3. ↑ Rudra, Tapanjana (2023-02-10). "PB Fintech's Q3 Loss Declines 70% YoY To INR 87.6 Cr; Paisabazaar Adjusted EBITDA Positive". Inc42 Media. Retrieved 2023-04-04.
  4. ↑ "Policybazaar sets price band for its IPO at Rs 940-980 a share". VCCircle. Retrieved 2023-04-04.
  5. ↑ "PB Fintech Limited IPO". HDFC Securities. Retrieved 2023-04-04.
  6. ↑ Bhatnagar, Rishabh. "PB Fintech To Turn Profitable By FY24, Says CEO Yashish Dahiya". BQ Prime. Retrieved 2023-04-04.
  7. ↑ "PolicyBazaar's CEO Yashish Dahiya took home about ₹3 crore ⁠— here's a look at other top paid execs at the fintech startup headed for IPO". Business Insider. Retrieved 2023-04-04.
  8. ↑ "PaisaBazaar: Where Lenders Compete". Forbes India. Retrieved 2023-04-04.
  9. ↑ Khatri, Bhumika (2020-06-15). "PaisaBazaar Lays Off Over 1500 Employees As Demand Falls". Inc42 Media. Retrieved 2023-04-04.
  10. ↑ Bhalla, Kritti (18 April 2022). "ICICI Securities gives a 'buy' call on PolicyBazaar and PaisaBazaar — know the target price". Business Insider. Retrieved 2023-04-04.
  11. ↑ Srivats, K. R. (2019-01-14). "Paisabazaar hits $1 bn annualised loan disbursal rate". www.thehindubusinessline.com. Retrieved 2023-04-04.
  12. ↑ "37% of Paisabazaar's credit score consumers are from Tier-3 cities and towns". mint. 2022-10-03. Retrieved 2023-04-04.
  13. ↑ "Paisabazaar, Orange Retail Finance and Phocket join fintech association Face". mint. 2022-03-16. Retrieved 2023-04-04.
  14. ↑ Bhakta, Pratik (31 July 2020). "Paisabazaar launches digital lending in partnership with banks". Moneycontrol. Retrieved 2023-04-04.
  15. ↑ Agarwal, Meha (2018-01-05). "Paisabazaar To Get $31.58 Mn Funding From Parent Firm EtechAces". Inc42 Media. Retrieved 2023-04-04.
  16. ↑ "Paisabazaar raises ₹200 crore, plans to triple loan disbursement". www.thehindubusinessline.com. 2018-01-04. Retrieved 2023-04-04.
  17. ↑ Singh, Tushar Deep (2021-11-15). "Policybazaar shares end nearly 23% higher on market debut". The Economic Times. ISSN   0013-0389 . Retrieved 2023-04-04.
  18. ↑ "Investing in mutual funds via Paisabazaar? Here's what you need to know". mint. 2022-03-17. Retrieved 2023-04-04.
  19. ↑ "Mutual fund account to get closed if invested via Paisabazaar? Know the truth". Zee News. Retrieved 2023-04-04.
  20. ↑ Bhalla, Tarush (2020-06-15). "Paisabazaar lays off over 1,500 employees to cut costs". mint. Retrieved 2023-04-04.
  21. ↑ "Coronavirus update: PaisaBazaar lays off half of its workforce; over 1,500 impacted". Business Today. 2020-06-16. Retrieved 2023-04-04.
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