Paisabazaar
 | |
| Company type | Private |
|---|---|
| Industry | Online marketplace, Financial products |
| Founded | 2014 |
Key people |
|
| Products | Loans, credit cards, free credit report |
| Parent | PB Fintech Limited (formerly known as EtechAces Marketing and Consulting) |
Paisabazaar is an Indian digital loan and credit card platform.[1] It is a part of PB Fintech (formerly EtechAces Marketing and Consulting).[2][3] In 2020, Paisabazaar was India's largest digital consumer credit marketplace, with a 51.4% market share in terms of disbursals.[4][5]
History
[edit | edit source]Paisabazaar, co-founded by Yashish Dahiya ,[6][7] Alok Bansal, and Naveen Kukreja in Gurugram, Haryana in 2014,[8][9] is owned by PB Fintech, the parent company of the insurance technology platform Policybazaar. In July 2018, the platform achieved an annualized loan disbursal rate of $1 billion.[10][11] By October 2022, Paisabazaar had recorded over 30 million visitors.[12] In March 2022, Paisabazaar became a member of the FACE Consortium, a collaborative platform of online consumer credit providers such as Orange Retail Finance and Phocket.[13][14]
Funding
[edit | edit source]In January 2018, Paisabazaar's parent company PB Fintech (formerly EtechAces Marketing and Consulting) committed to funding $31.58 Mn (INR 200 Cr) as part of the $78.9 Mn (INR 500 Cr) pre-IPO funds the parent firm received in October 2017 from True North and IDG Venture Partners.[15][16]
On November 15, 2021, Paisabazaar's parent company PB Fintech was listed on Indian Stock Exchanges.[17]
Controversy and lay-offs
[edit | edit source]In early March 2022, customers of Paisabazaar received an email claiming that their account for mutual fund services would be terminated on 25th March. Nevertheless, on 16th March, Paisabazaar released a statement asserting that reports of the platform shutting down its mutual fund operations were unfounded.[18][19]
In 2020, Paisabazaar laid off more than 1,500 employees, nearly half of its 3,000-strong workforce, as part of cost-cutting measures due to impact of the COVID-19 pandemic.[20][21]
References
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