Paisabazaar
 | |
| Company type | Private |
|---|---|
| Industry | Online marketplace, Financial products |
| Founded | 2014 |
Key people |
|
| Products | Loans, 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]
History
[edit]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
[edit]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
[edit]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]
References
[edit]- ^ Livemint (2022-02-25). "Paisabazaar's credit awareness initiative helps 52 lakh consumers boost score". mint. Retrieved 2023-04-04.
- ^ Bhakta, Pratik (2016-07-04). "Paisabazaar eyes operating profit by next quarter". The Economic Times. ISSN 0013-0389. Retrieved 2023-04-04.
- ^ 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.
- ^ "Policybazaar sets price band for its IPO at Rs 940-980 a share". VCCircle. Retrieved 2023-04-04.
- ^ "PB Fintech Limited IPO". HDFC Securities. Retrieved 2023-04-04.
- ^ Bhatnagar, Rishabh. "PB Fintech To Turn Profitable By FY24, Says Yashish Dahiya". BQ Prime. Retrieved 2023-04-04.
- ^ "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.
- ^ "PaisaBazaar: Where Lenders Compete". Forbes India. Retrieved 2023-04-04.
- ^ Khatri, Bhumika (2020-06-15). "PaisaBazaar Lays Off Over 1500 Employees As Demand Falls". Inc42 Media. Retrieved 2023-04-04.
- ^ 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.
- ^ Srivats, K. R. (2019-01-14). "Paisabazaar hits $1 bn annualised loan disbursal rate". www.thehindubusinessline.com. Retrieved 2023-04-04.
- ^ "37% of Paisabazaar's credit score consumers are from Tier-3 cities and towns". mint. 2022-10-03. Retrieved 2023-04-04.
- ^ "Paisabazaar, Orange Retail Finance and Phocket join fintech association Face". mint. 2022-03-16. Retrieved 2023-04-04.
- ^ Bhakta, Pratik (31 July 2020). "Paisabazaar launches digital lending in partnership with banks". Moneycontrol. Retrieved 2023-04-04.
- ^ Agarwal, Meha (2018-01-05). "Paisabazaar To Get $31.58 Mn Funding From Parent Firm EtechAces". Inc42 Media. Retrieved 2023-04-04.
- ^ "Paisabazaar raises ₹200 crore, plans to triple loan disbursement". www.thehindubusinessline.com. 2018-01-04. Retrieved 2023-04-04.
- ^ 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.
- ^ "Investing in mutual funds via Paisabazaar? Here's what you need to know". mint. 2022-03-17. Retrieved 2023-04-04.
- ^ "Mutual fund account to get closed if invested via Paisabazaar? Know the truth". Zee News. Retrieved 2023-04-04.
- ^ Bhalla, Tarush (2020-06-15). "Paisabazaar lays off over 1,500 employees to cut costs". mint. Retrieved 2023-04-04.
- ^ "Coronavirus update: PaisaBazaar lays off half of its workforce; over 1,500 impacted". Business Today. 2020-06-16. Retrieved 2023-04-04.