PB Fintech, the parent company of recently listed online insurance aggregator Policybazaar, saw its net loss jump 55% year-on-year to Rs 297 crore in the December quarter (Q3). Meanwhile, the company’s revenue rose 73% to Rs 367 crore in the same period.

While the company’s insurance premiums (via Policybazaar) rose 68% to Rs 1,796 crore in the third quarter, credit disbursements (via Paisabazaar) rose 94% to Rs 1,926 crore. Adjusted EBITDA (non-GAAP) lost Rs 920 crore, reflecting investments in new initiatives and brand advertising.

According to the company’s financials, its insurance aggregation services accounted for 53% of total revenue of Rs 3.67 crore in Q3FY22, compared to 65% of total revenue of Rs 2.12 crore in the same period last year.

Yashish Dahiya, Chairman and Group CEO of PB Fintech, said: “Scale is critical to success in any market. Our current ARR (annual recurring revenue) is over Rs 8,000 crore, a 60% year-on-year increase. Our existing business Profit margins remain at 40%.”

According to him, while the ARR of renewals revenue is over Rs 2.1 crore, the 90% margin on renewals will be the biggest driver of the company’s long-term profitability.

Alok Bansal, Executive Director and Group Chief Financial Officer added: “Policybazaar premiums have grown 45 times over the past 8 years and Paisabazaar’s loan disbursements have grown 46 times over the past 7 years. Given the country’s low insurance and credit penetration and With increased digitalization, we are confident about future growth and profitability prospects.”

Complete News Source : Business Standard