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PB Fintech Consolidated Loss Stands At INR 183 Crore

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The latest quarterly loss was narrower than the consolidated net loss of ₹204.44 crore recorded in the same quarter last fiscal

PB Fintech, the umbrella company of Paisabazaar and Policybazaar has reported a consolidated net loss of ₹186.63 crore for Q2 September 30, 2022. The latest quarterly loss is less than the net loss of INR 204.44 crore recorded in the same quarter 2011. In the June 2022 quarter, PB Fintech recorded a consolidated net loss of ₹204.33 crore. 

Total consolidated income for the quarter under review more than doubled to INR 634 crore from INR 300 crore in same period last year, the company’s latest filings with stock exchanges showed. In June 2022 quarter, PB Fintech recorded a total income of INR 553 crore. 

PB Fintech said its revenue from operations jumped 105.11 per cent to ₹573.47 crore from ₹ 279.58 crore in same quarter last year. While there has been an industry slowdown in retail protection sales, PB Fintech has delivered 34 per cent growth in health insurance premiums and 29 per cent in life insurance new business premiums, which is 200 to 500 per cent of the industry. 

data security

IT System Compromised; Authorities Informed: Policybazar

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The company identified certain vulnerabilities on July 19 in a part of Policybazaar Insurance Brokers IT systems leading to illegal and unauthorised access to the network

PB Fintech, the parent company of Policybazaar Insurance Brokers, on Sunday said that the IT system of the firm was hacked on July 19 and subsequent corrective action was taken. The company identified certain vulnerabilities on July 19 in a part of Policybazaar Insurance Brokers IT systems leading to illegal and unauthorised access to the network.

“In this regard, Policybazaar has reached out to the appropriate authorities and is taking due recourse as per law. The identified vulnerabilities have been fixed and a thorough audit of the systems has been initiated,” the insurance brokerage firm said in a regulatory filing. The matter is currently being reviewed by the information security team along with external advisors, it said.

“While we are in the process of undertaking a detailed review, as on date, our review has found that no significant customer data was exposed. Policybazaar has always prioritized the security and integrity of its systems and is committed towards protection of customer data,” it said. Policybazaar is into insurance brokerage and stores lots of data about its policyholders including their transaction details.

(PTI)

IPO

Policybazaar’s Parent Firm, Gets Sebi Approval For Rs 6,017-Cr IPO

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The initial public offer (IPO) comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore by existing shareholders, according to draft red herring prospectus (DRHP).

PB Fintech Ltd, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, has received capital markets regulator Sebi’s approval to raise Rs 6,017.50 crore through an initial share sale. 

The initial public offer (IPO) comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore by existing shareholders, according to the draft red herring prospectus (DRHP).

As part of the OFS, SVF Python II (Cayman) will sell shares worth Rs 1,875 crore, Yashish Dahiya will sell shares worth Rs 250 crore and some other selling shareholders will also offer shares.

PB Fintech, which filed draft papers with Sebi in August, has obtained the regulator’s clearance to float the IPO, the company confirmed to PTI on Tuesday.

As per the draft papers, the firm may consider raising around Rs 750 crore by way of a private placement of equity shares ahead of the IPO.

Proceeds of the fresh issue will be used towards enhancing visibility and awareness of the company’s brands, to look for new opportunities to expand growth initiatives to increase the consumer base including offline presence.

Also, the proceeds from the IPO will be used for funding strategic investments and acquisitions, expanding presence outside India and general corporate purpose.

PB Fintech is the leading online platform for insurance and lending products, leveraging the power of technology, data and innovation.

It provides convenient access to insurance, credit and other financial products and aim to create awareness amongst Indian households about the financial impact of death, disease and damage.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Citigroup Global Markets India, ICICI Securities, HDFC Bank Ltd, IIFL Securities and Jefferies India are the book running lead managers to the issue.

(PTI)