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IT dept rejects PB fintech subsidiary’s Rs 86 Cr expense claim, issues Rs 9 Cr demand notice
YourStory
·
4m ago
Medial
The Income Tax Department disallowed Rs 85.6 crore in expenses claimed by PB Fintech's subsidiary, Paisabazaar Marketing, for fiscal 2023-24 due to insufficient substantiation. A demand notice for Rs 9.32 crore was issued, which PB Fintech plans to contest due to discrepancies. Despite the disallowance, the company stated it wouldn't face additional tax liabilities, as it can offset this against carried-forward losses, ensuring no immediate financial impact.
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PB Fintech posts Rs 1,292 Cr revenue and Rs 72 Cr profits in Q3 FY25
Entrackr
·
6m ago
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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Medikabazaar faces Rs 279 Cr indemnity claim as investors allege financial misstatements
YourStory
·
3m ago
Medial
Series C investors in Medikabazaar have filed a Rs 279 crore indemnity claim against the company due to fraudulent financial reporting under previous management. The claim, linked to misstatements during a $75 million funding round, follows a whistleblower-triggered forensic investigation revealing financial discrepancies. Key investors include Creagis II, CDC Group, HealthQuad, and others, holding significant equity. Medikabazaar plans to contest the claim, which highlights financial governance issues within the Indian healthtech sector.
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PB Healthcare to raise Rs 1,461 Cr in seed round; no longer subsidiary of PB Fintech
Entrackr
·
3m ago
Medial
PB Healthcare Services, formerly a wholly-owned subsidiary of PB Fintech Limited, is raising Rs 1,461 crore (approximately $171 million) as part of the first tranche of its seed round. Of the total amount, Rs 539.4 crore has already been infused by PB Fintech Limited, while the remaining capital will be contributed by external investors, according to disclosures filed with the National Stock Exchange (NSE). For context, PB Fintech had earlier passed a resolution to invest up to Rs 696 crore through the purchase of equity shares or preference shares of PB Healthcare Services Private Limited in FY26. As part of the current round, it has already invested Rs 539.4 crore, with the remaining amount yet to be deployed. As per the filings, PB Fintech’s stake in PB Healthcare Services has dropped from 100% to 32.14% following the participation of external investors in the seed round. Previously a wholly-owned subsidiary, PB Healthcare has also created an ESOP pool to attract and retain key talent. The capital infusion is aimed at strengthening the company’s financial position and supporting its growth plans. “The dilution in shareholding is a strategic decision to bring in external investors and create an ESOP pool to attract and retain talent,” the company noted in its filing. Founded in January 2025, PB Healthcare Services set out with an ambitious goal of establishing hospitals with a cumulative capacity of 1,000 beds within its first year. The company plans to launch operations in the National Capital Region (NCR), with a phased expansion into other major metro cities.
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PB Fintech shares fall 9% on Rs 696-crore investment plan
Business Today
·
4m ago
Medial
PB Fintech Ltd shares dropped over 5% after announcing a Rs 696 crore investment in PB Healthcare Services, failing to impress investors. The share price fell 9% intraday, reflecting skepticism about the investment's strategic benefits, closing 4.52% lower. This cautious investor response suggests a wait-and-see approach for clearer outcomes from the investment. The market's tepid reaction underscores uncertainty about the investment's potential advantages and strategic impact on the company.
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PolicyBazaar parent to back healthcare push with Rs 696 Cr investment
YourStory
·
4m ago
Medial
PB Fintech, PolicyBazaar's parent company, will invest Rs 696 crore in its healthcare arm, PB Healthcare Services, acquiring up to 33.63% equity. This investment, subject to shareholder approval, will finance equity shares and CCPS in FY 2025-26. PB Healthcare plans to establish 1,000-bed hospitals starting in NCR, later expanding. The initiative focuses on long-term customer value in healthcare, partnering with hospitals and insurers to streamline operations and boost industry growth.
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Tata Steel gets show cause notice over input tax credit of Rs 1,000 cr availed during FY19-23
Economic Times
·
1m ago
Medial
Tata Steel received a show cause notice from tax authorities for allegedly irregularly availing input tax credit worth Rs 1,000 crore between FY19 and FY23. The notice demands explanation for GST recovery of Rs 1007 crore. Tata Steel has already paid over Rs 514 crore in GST. The company believes the notice lacks merit and plans to address the issue through proper channels, asserting no financial impact from the notice.
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Tata Steel gets Rs 1,902 crore demand notice over alleged mineral dispatch shortfall
Economic Times
·
1m ago
Medial
Tata Steel received a demand notice for Rs 1,902.72 crore from Odisha’s Deputy Director of Mines over an alleged mineral dispatch shortfall from its Sukinda Chromite Block. The claim, based on a revised assessment by the Indian Bureau of Mines, cites a shortfall during the fourth year of Tata Steel’s mining agreement. Tata Steel has contested the claim, asserting it lacks justification, and plans to explore legal remedies.
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Exclusive: PB Fintech adds new ESOP worth near Rs 2,000 Cr
Entrackr
·
11m ago
Medial
Policybazaar and Paisabazaar’s parent PB Fintech has introduced a new ESOP plan worth Rs 1,931 crore (approximately $233 million) under PB Fintech Limited Employees Stock Option Scheme 2024. The board at PB Fintech has passed a resolution to grant 1,14,00,000 employee stock options to its staff, directors and subsidiaries, its regulatory filing accessed from the National Stock Exchange shows. The employee stock under ESOP plan 2024 will be vested after 4 years from the date of granting. According to Entrackr estimates, the new ESOP plan is worth Rs 1,931 crore or $233 million. The above-passed resolution is subject to shareholders approval. PB Fintech has posted Rs 1,010 crore of revenue during the first quarter of the ongoing fiscal year with a steady profit that stood at Rs 60 crore. The firm also showcased robust financial growth with a 34.4% year-on-year revenue increase to Rs 3,438 crore in FY24. Meanwhile, it also turned profitable with Rs 64 crore in the last fiscal year. The ESOP approval was followed by impressive growth in the share price. The firm touched its 52-week high share price of Rs 1,763 on August 20. The company is currently trading at 1,694 (as of 15.37 today) with a total market capitalization of Rs 77,252 crore ($9.3 billion). Last month, the food tech major Zomato also received a shareholder’s nod for its new ESOP plan worth Rs 3,800 crore or $458 million, tallying its total ESOP pool worth $788 million. Among the public companies, Nykaa and TBO Tek also increased their ESOP pool in 2024.
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Dream11 challenges ₹40,000 Cr GST evasion notice in Bombay High Court: Report
Livemint
·
1y ago
Medial
Dream11, the leading fantasy gaming platform in India, has filed a writ petition in the Bombay High Court to contest the show cause notice it received from tax authorities accusing the company of evading goods and services tax (GST). The notice alleges that Dream11 failed to pay 28% GST on the nominal value of bets, with the total tax allegations amounting to a staggering INR 40,000 Crores, making it the largest-ever claim in the history of indirect taxation in India. Dream11's parent company, Dream Sports, is challenging these allegations in court.
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Man Matters-parent Mosaic Wellness crosses Rs 200 Cr revenue in FY23
Entrackr
·
1y ago
Medial
Digital health and wellness consultation startup Mosaic Wellness grew at a rapid clip during the last two fiscal years, raising its scale over 18X from Rs 11.47 crore in FY21 to surpass the Rs 200 crore revenue mark in FY23. At the same time, the firm posted Rs 62 crore in losses in FY23. Mosaic Wellness’s revenue from operations surged 163% to Rs 207 crore in FY23 from Rs 78 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Founded in 2020 by Revant Bhate and Dhyanesh Shah, Mosaic Wellness is a digital-first consumer health platform that runs three separate brands for men, women, and kids. Its flagship brand ManMatters offers solutions across derma, sexual health, hygiene, and nutrition. Income from the sale of health and wellness products is the primary source of revenue for Mosaic Wellness. The company also made Rs 8 crore from interest, tallying its total revenue to Rs 215 crore in FY23. Mosaic Wellness spent a whopping Rs 100 crore on advertising and promotions which is 36% of its overall expenditure. Its cost of procurement of health and wellness products surged 2.6X to Rs 60 crore in FY23. Its employee benefits, freight, commissions, legal/ professional, and other overheads took the overall cost up by 2.2X to Rs 277 crore in FY23 from Rs 126 crore in FY22. Head to TheKredible for the detailed expense breakup. Expense Breakdown Total ₹ 126 Cr https://thekredible.com/company/mosaic-wellness/financials View Full Data To access complete data, visithttps://thekredible.com/company/mosaic-wellness/financials Total ₹ 277 Cr https://thekredible.com/company/mosaic-wellness/financials View Full Data To access complete data, visithttps://thekredible.com/company/mosaic-wellness/financials Employee benefit expense Employee benefit expense Cost of materials consumed Cost of materials consumed Advertising promotional expenses Advertising promotional expenses Transportation Cost Transportation Cost Commission expense Commission expense Legal professional charges Legal professional charges Others To check complete Expense Breakdown visit thekredible.com View full data With a two-fold surge in advertising and employee benefits, losses for the Mumbai-based firm increased 49.4% to Rs 62 crore in FY23 from Rs 42 crore in FY22. Its ROCE and EBITDA margin stood at -38% and -21% respectively. On a unit level, it spent Rs 1.34 to earn a rupee in FY23. Mosaic Wellness has raised over $34 million across rounds including its $24 million Series A led by Peak XV along with the participation of Elevation Capital and Matrix Partners in November 2021. According to the startup data intelligence platform TheKredible, the company was valued at $240 million in its last fundraise. Elevation emerged as the latest external shareholder with a 24.1% stake followed by PeakXV and Matrix Partners with 17.9% and 16.3%, respectively. FY22-FY23 FY22 FY23 EBITDA Margin -46% -21% Expense/₹ of Op Revenue ₹1.61 ₹1.34 ROCE -23% -38% The emergence of startups like Mosaic Wellness can usually be considered a net positive as they take away share from shady operators offering unqualified advice for health related issues. However, with their own dependence on pushing wellness products, many with potentially dubious claims when it comes to benefits, the firm does run the risk of slipping up on credibility at some stage. The high dependence on advertising and promotions is a clear indicator of the efforts required to wean away clientele from smaller mostly unlicensed players. By now, the firm should be in a position to assume leadership, or clear focus on a specific area where it can, and has made a discernible difference to its customers, and build on that for the future.
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