Paisabazaar is an Indian digital

loan In finance, a loan is the tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money. The document evidencing the deb ...

and credit card platform. It is a part of PB Fintech (formerly EtechAces Marketing and Consulting). In 2020, Paisabazaar was India's largest digital

consumer credit Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt) ...

marketplace, with a 51.4% market share in terms of disbursals.

History

Paisabazaar, co-founded by Yashish Dahiya , Alok Bansal, and Naveen Kukreja in

Gurugram, Haryana Gurgaon (), officially named Gurugram (), is a satellite city of Delhi and administrative headquarters of Gurgaon district, located in the northern Indian state of Haryana. It is situated near the Delhi–Haryana border, about southwest o ...

in 2014, 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. By October 2022, Paisabazaar had recorded over 30 million visitors. 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.

Funding

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 An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

funds the parent firm received in October 2017 from True North and IDG Venture Partners. On November 15, 2021, Paisabazaar's parent company PB Fintech was listed on Indian Stock Exchanges.

Controversy and lay-offs

In early March 2022, customers of Paisabazaar received an email claiming that their account for

mutual fund A mutual fund is an investment fund that pools money from many investors to purchase Security (finance), securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in ...

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. 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 Coronavirus disease 2019 (COVID-19) is a contagious disease caused by the coronavirus SARS-CoV-2. In January 2020, the disease spread worldwide, resulting in the COVID-19 pandemic. The symptoms of COVID‑19 can vary but often include fever ...

pandemic.

References

{{reflist Financial services companies of India