PB Fintech, the parent company of Policybazaar and Paisabazaar, has appointed Sarbvir Singh as the joint group chief executive officer (CEO), starting August 26.
Singh has been also elevated to the position of executive director of the company from non-executive director. He has been appointed to the new role for five years.
Singh, the former managing partner at WaterBridge Ventures, joined PB Fintech in 2019 as the CEO of Policybazaar, when its co-founder and chief executive Yashish Dahiya took up the broader role of group CEO.
An IIT Delhi and IIM Ahmedabad alumnus, Singh has earlier served as the finance head of HomeShop18 and the managing director of Capital18, the investment arm of Network18.
PB Fintech’s losses narrowed sharply to Rs 12 crore in the first quarter of the current financial year, compared to Rs 204 crore in the corresponding period last year. However, the losses were 33% higher than the previous quarter that ended in March 2023 (Q4 FY23).
The insurance aggregator’s revenue from operations (consolidated) was up 32% year on year to Rs 665.58 crore for the April-June 2023 period, compared to Rs 505 crore in the corresponding quarter last year.
The online platform expects to achieve profitability in FY24.
Meanwhile, its businesses comprising insurance marketplace Policybazaar and credit marketplace Paisabazaar have been EBITDA positive for more than a year. Paisabazaar has been individually EBITDA positive since December 2022.
Overall, the company claims to have achieved breakeven with consolidated adjusted EBITDA of Rs 28 crore for the three months ended March 2023.
Edited by Swetha Kannan
