homebusiness Newscompanies NewsPB Fintech CEO anticipates more than two fold growth in the coming years
PB Fintech CEO anticipates more than two-fold growth in the coming years
PB Fintech, which operates PolicyBazaar, India's largest digital insurance marketplace, and lending products services player —PaisaBazaar, projects a sustained growth rate of at least 30% for the next 6-7 years.
PB Fintech, the parent company of online personal finance service marts —Policybazaar and Paisabazaar, is confident of achieving a substantial growth in the coming years. Yashish Dahiya, Chairman & Chief Executive Officer of the company, said in an exclusive interview with CNBC-TV18 that it expects to grow at least 2-2.5 times in the next few years.
Reflecting on the past three years, where the company witnessed 4.4 fold growth, Dahiya projected a sustained growth rate of at least 30% for the next 6-7 years.
Dahiya clarified PB Fintech's strategic direction, emphasising a commitment to deepening existing offerings rather than venturing into new areas.
"We are not looking at new areas. We are only looking to strengthen our current offerings and deepen them further," he stated.
On the impact of Bima Sugam on the insurance industry, Dahiya said that this, along with other industry initiatives like ONDC, is expected to streamline processes.
He highlighted the belief that such initiatives would contribute to industry-wide growth, fostering consumer confidence in purchasing more insurance.
Looking ahead, Dahiya expressed strong optimism about the future.
He projected profits of ₹60-70 crore in FY24 and guided for ₹1,000 crore in profits by FY27.
Additionally, he anticipated the new initiatives business to be close to breakeven by 2027.
Alok Bansal, Co-Founder & Executive Vice Chairman at PB Fintech, on the other hand, addressed the recent Reserve Bank of India (RBI) guidelines on unsecured loans and its impact on Paisabazaar.
PB Fintech operates PolicyBazaar, India's largest digital insurance marketplace, and PaisaBazaar, which provides services related to lending products.
Despite acknowledging minimal impact on PB Fintech's business model, Bansal mentioned a short-term dip in growth, anticipating 10% lower growth rate in the next couple of months.
Meanwhile, PB Fintech achieved its first-ever quarterly profit in the December quarter. The net profit of ₹37 crore marked a turnaround from a loss of ₹87 crore during the same period last year.
The company's adjusted EBITDA margin stood at 4%, an improvement from a negative margin in the year-ago quarter.
The shares of PB Fintech surged, crossing their IPO price of ₹980.
The stock, which had slipped below its IPO price in January 2022, made an all-time low of ₹356 in November that year.
(Edited by : C H Unnikrishnan)
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