Paisabazaar operating revenue increases 59% in Q1 at Rs 134 crore
Paisabazaar, the credit arm of PB Fintech, on Wednesday said its operating revenue grew 59% on year to touch Rs 134 crore for the quarter ending June 30. This represented an 11% rise on a sequential basis, the company said.
The firm has also grown its disbursals by 53% year-on-year to Rs 3,542 crore in the first quarter of FY24, from Rs 2,320 crore a year ago. While it declined to comment on actual figures, the credit marketplace added that it is operating at a 6%-7% EBITDA (earnings before interest, taxes, depreciation, and amortization) to revenue ratio, holding on to its guidance of clocking a net profit in FY24.
This comes on the back of parent PB Fintech posting an operating profit and a significantly smaller net loss for the fiscal first quarter.Also read | Rivals will have to follow our model: PolicyBazaar’s Yashish Dahiya On Monday, PB Fintech said net loss for the quarter ended June 30 shrank to Rs 11.9 crore from Rs 204.3 crore a year earlier, even as operating revenue rose 32% to Rs 665.58 crore. Paisabazaar roughly contributes to 20% of the group’s overall operating income every quarter.
“Our (Paisabazaar) revenue growth is more or less in line with our growth in credit disbursals and issuance of credit cards (for partners) and our aim is to continue growing three to four times,” said Naveen Kukreja, cofounder and chief executive of Paisabazaar. The digital lending platform only acts as a distributor of credit for its 65 financial partners and does not take any loan on its books since it doesn’t hold a non-banking finance company (NBFC) licence.
It earns a commission from lending partners on loans availed by users. Back in 2021, the credit marketplace had started with its strategy around co-creating products
. Read more on economictimes.indiatimes.com
