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PB Fintech reports 7.5% dip in Q1 FY25 revenue; maintains profit

EntrackrEntrackr · 1y ago
PB Fintech reports 7.5% dip in Q1 FY25 revenue; maintains profit
Medial

Policybazaar and Paisabazaar’s parent, PB Fintech, reported a 7.3% decline in its revenue during the first quarter of the ongoing fiscal (FY25) year. The firm, however, managed to keep its grip on the profit numbers in the same period as compared to the previous quarter (Q4 FY24). PB Fintech’s revenue slipped to Rs 1,010 crore in Q1 FY25 as compared to Rs 1,090 crore during the quarter ended March 2024, as per the company’s disclosure with the National Stock Exchange (NSE). Insurance broking formed 83.6% of the collections which decreased 7.5% to Rs 845 crore during Q1 FY25. The income from other operating activities, which include marketing, advertising, consulting, and support services, plunged 5.7% to Rs 165 crore in the same period. The firm earned Rs 100 crore from non-operating activities including financial income, tallying its overall revenue to Rs 1,111 crore in Q1 FY24. For PB Fintech, employee benefits cost remained the largest cost center forming 42% of the overall expenditure. This cost saw a mere increase of 3.4% QoQ to Rs 455 crore in the past quarter (Q1 FY25). The company’s spending on finance, advertising-promotion, network, internet, and other overheads pushed its total expenditure to Rs 1,081 crore in Q1 FY25 from Rs 1,114 crore in Q4 FY24. Despite the decline in scale, PB Fintech has managed to maintain steady profits, which stood at Rs 60 crore in Q1 FY25. On a unit level, the Gurugram-based firm spent Rs 1.07 to earn a rupee in Q1 FY25. PB Fintech ended the day (August 6) with a share price of Rs 1,425 and its total market capitalization was Rs 64,984 crore, or $7.2 billion.

Exclusive: Virtual credit card app Kiwi set to raise around $23 Mn in Series B

EntrackrEntrackr · 3m ago
Exclusive: Virtual credit card app Kiwi set to raise around $23 Mn in Series B
Medial

Exclusive: Virtual credit card app Kiwi set to raise around $23 Mn in Series B Fintech startup Kiwi is raising $23 million from new and existing investors, according to two sources aware of the matter. The fresh funding is coming at a gap of nearly two years for the Mumbai-based startup. “Vertex Ventures has issued a term sheet to lead the round,” said one of the sources, requesting anonymity as the talks are private. “Kiwi is likely to be valued at over $100 million (post-money) in this round, which will also see participation from existing investors Stellaris VP and Nexus VP.” This fresh fundraise follows Kiwi’s Series A round in November 2023, when it secured $13 million led by the above-mentioned existing backers. At the time of the earlier round, the startup was valued at around $65 million. Entrackr has also confirmed the fundraise through regulatory filings. Founded in 2022 by former Freecharge executive Anup Agrawal along with Satyam Kumar and Siddharth Mehta, Kiwi enables users to make UPI payments via RuPay credit cards. The company works with Axis Bank and has tied up with NPCI to push the adoption of credit on UPI. Unlike traditional credit cards, Kiwi issues a virtual RuPay card that can be directly linked to UPI apps such as Google Pay and PhonePe. The firm competes with Slice, OneCard and Uni among a few others. Kiwi declined to comment on the story while queries sent to Vertex, Omidyar, Nexus, and Stellaris did not elicit any response. Investor interest in Kiwi is in line with the broader push by the Reserve Bank of India and NPCI to enable wider adoption of credit on UPI. Since the feature was introduced in 2022, the product has gained traction with both banks and fintech companies experimenting with solutions to increase credit usage in digital payments. The firm claims to be the first to launch credit on UPI with a full-stack offering. According to startup data intelligence platform TheKredible, Siddharth Mehta, Anup Agarwal, and Mohit Bedi each hold about 16.2% stake in Kiwi as of the Series A round, while Nexus is the largest external stakeholder in the three-year-old startup.

PB Fintech posts Rs 1,292 Cr revenue and Rs 72 Cr profits in Q3 FY25

EntrackrEntrackr · 10m ago
PB Fintech posts Rs 1,292 Cr revenue and Rs 72 Cr profits in Q3 FY25
Medial

PB Fintech’s revenue increased to Rs 1,292 crore in Q3 FY25 as compared to Rs 871 crore during Q3 FY24, as per the firm’s unaudited consolidated financial results. PB Fintech, the parent company of Policybazaar and Paisabazaar, recorded a 48.3% year-on-year increase in revenue during the third quarter of the ongoing fiscal year (FY25). At the same time, the firm nearly doubled its profits, maintaining strong growth in earnings. Insurance broking formed 87.6% of the total collections which surged by 62.4% to Rs 1,132 crore during Q3 FY25 from Rs 697 crore in Q3 FY24. The income from other operating activities, which include marketing, advertising, consulting, and support services, plunged 8% to Rs 160 crore in the same period. The firm earned Rs 100 crore from non-operating activities including financial income, tallying its overall revenue to Rs 1,392 crore in Q3 FY25, compared to Rs 965 crore in the same quarter of the previous fiscal year. For PB Fintech, employee benefits cost remained the largest cost center forming 37% of the overall expenditure. This cost increased by 22.4% YoY to Rs 487 crore in Q3 FY25 from Rs 398 crore in Q3 FY24. This includes Rs 51 crore as ESOP expense (non-cash). The company’s spending on advertising and promotional grew 34% to Rs 289 crore. Its network, internet, legal, rent, and other overheads pushed its total expenditure to Rs 1,307 crore in Q3 FY25 from Rs 926 crore in Q3 FY24. The significant year-on-year growth helped PB Fintech to post a 94.6% surge in profits to Rs 72 crore in Q3 FY25 from Rs 37 crore in the third quarter of the previous fiscal year. On a unit level, the Gurugram-based firm spent Rs 1.01 to earn a rupee in Q3 FY25. PB Fintech ended the day on January 30 with a share price of Rs 1,659.7 and a total market capitalization of Rs 76,225 crore (approximately $9 billion).

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