Financial services platform PB Fintech Ltd on Thursday (December 14) said income tax officials have paid a visit to Paisabazaar Marketing and Consulting Private Ltd on December 13 and 14, 2023.
"We hereby inform you that the Income Tax officials visited Paisabazaar Marketing and Consulting Private Limited, a wholly-owned subsidiary and PB Fintech Limited on 13th & 14th December, 2023, and enquired about certain vendors of Paisabazaar," the company said.
The officials sought information regarding certain vendors associated with Paisabazaar, PB Fintech said in a regulatory filing.
The company cooperated with the inquiry, providing the necessary details and information sought by the income tax officials. Crucially, the business operations of Paisabazaar remain unaffected by the raid.
PB Fintech reported a consolidated net loss of ₹21 crore for the September quarter of the current fiscal, which was 89% lower than ₹187 crore reported in the year-ago quarter.
PB Fintech is the leading online platform for insurance and lending products, leveraging the power of technology, data, and innovation. Shares of PB Fintech Ltd ended at ₹808.35, up by ₹13.35, or 1.68%, on the BSE.
