paisabazaar it probe: PB Fintech’s Paisabazaar faces IT probe over ‘certain vendors’

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Financial services company PB Fintech on Friday said Income Tax (IT) officials had visited the offices of its credit marketplace subsidiary Paisabazaar earlier this week.

The officials had enquired about ‘certain vendors’ of Paisabazaar, the company said, without giving details.

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“We hereby inform you that the Income Tax officials visited Paisabazaar Marketing and Consulting Private Limited (“Paisabazaar”), a wholly owned subsidiary and PB Fintech Limited on 13th and 14th December, 2023 and enquired about certain vendors of Paisabazaar,” PB Fintech said in a stock filing on Thursday.

Paisabazaar has provided the necessary information and “shall continue to provide any further details or information that might be required by the department in future,” it added.

“The business operations of Paisabazaar continue as usual and have not been impacted due to the survey proceedings,” the company informed the exchanges.

In October, Paisabazaar was slapped with a fine of Rs 1 lakh by markets regulator Securities and Exchange Board of India (Sebi) for employing a principal officer who had not cleared the requisite examination.

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Naveen Kukreja, the cofounder and chief executive of Paisabazaar, who was the principal officer, had not cleared National Institute of Securities Markets (NISM) certification, the regulator said.The credit arm of PB Fintech is looking to clock net profits from next quarter onwards, in line with its parent PB Fintech, Kukreja told ET in a recent interaction.

The company has been Ebita (earnings before interest, taxes, depreciation, and amortization)-positive since the December quarter of 2022.

For the quarter ended September 30, Paisabazaar reported a 15% sequential rise in total revenue to Rs 154 crore. Currently, Paisabazaar contributes to a little over 25% of PB Fintech’s core quarterly revenues.

For the second quarter, Paisabazaar achieved an annual loan disbursal rate of Rs 16,600 crore. It disbursed loans worth Rs 4,129 crore on its platform for the three-month period, recording a 17% sequential growth on the back of festive demand for credit.

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