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PB Fintech — parent of online insurance and credit comparison platforms Policybazaar and Paisabazaar—will invest up to ₹700 crore in Policybazaar Insurance Brokers Private Limited (Policybazaar)
Policybazaar is a wholly-owned subsidiary of PB Fintech. This investment of ₹700 crore will be done in one or two tranches during the financial year 2021-22 and 2022-23, PB Fintech said in a filing with the stock exchanges. Out of the overall ₹700 crore, PB Fintech has invested ₹250 crore in Policybazaar.
The Board of PB Fintech, which met last evening, has also decided to invest up to ₹229.99 crore in Paisabazaar Marketing and Consulting Private Limited (Paisabazaar).
Pre-qualified personal loans
Meanwhile, Paisabazaar.com, a digital marketplace for consumer credit, has strengthened its partnership with Axis Bank to launch a pre-qualified program for unsecured loans on its platform.
The pre-qualified program on Paisabazaar.com entails deep technology and analytics collaboration with Banks and NBFCs, which enables select customers to view customised and pre-qualified lending offers on the fintech’s platform.
Axis Bank customers, both salaried and self-employed, who are eligible for pre-qualified personal loans from the bank, will now be able to view and apply for the same offers through the Paisabazaar platform as well. This integration would lead to instant access to credit for these select customers through an end-to-end digital process, which can be completed by clicking a few buttons on Paisabazaar.
‘Offering better customer experience’
Commenting on the partnership, Sumit Bali, Group Executive & Head – Retail Lending, Axis Bank, said, “Our partnership with Paisabazaar.com is one more step towards offering enhanced customer experience through an innovative financial solution that is both convenient and easy. Our pre-qualified credit products involve paperless processes and quick disbursals. The same delightful consumer experience on our pre-qualified products will now be available on Paisabazaar.com as well.”
Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “As a market leader, we remain committed to offer the industry-best experience on our platform for varied consumer segments and offer tailor-made lending solutions. By deepening our partnership with Axis Bank, we are not only helping a section of the bank’s huge customer base access credit with ease but are also making the entire process simple, convenient and frictionless.”
Paisabazaar over the last few years, especially post-pandemic, has been focussing on building digital capabilities and infrastructure, through deeper partnerships with large lender banks like Axis Bank. Paisabazaar’s pre-qualified programs with large Banks and NBFCs have been built basis a mix of credit history, big data, and digital innovations.
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