PB Fintech posts loss of Rs204.33 crore in June quarter

11 Aug 2022 , 12:05 PM

PB Fintech, the business that owns Policybazaar, announced the results of the June quarter. Compared to the same quarter last year, the company’s loss increased significantly to Rs204.33 crore. The fintech industry’s overall consolidated revenue increased by 112% to Rs505.19 crore in Q1, at the same time.

Its insurance business increased by 52% year over year. While credit disbursal increased 136% year over year, to Rs 2,430 crore.

The company stated in a BSE filing that the core business’ Adjusted EBITDA was 74 crores positive for the quarter (absorbing a 13 crore loss by the non-insurance business); as a result, the core insurance business’ Adjusted EBITDA was 18 Cr.

After cutting losses by Rs20 crore quarter over quarter, according to Policybazaar, this trend of cutting losses should continue.

The largest insurance marketplace in India reported having sold 27.9 million insurance plans as of June 30 and has 12.3 million active clients.