PB Fintech, the parent company of insurtech platform Policybazaar, reported a 70.6% year-on-year (YoY) drop in its consolidated net loss to INR 87.6 Cr in the December quarter of fiscal year 2022-23 (FY23), owing to strong growth across businesses.
In the same quarter last year, the startup reported a loss of INR 298 Cr. Meanwhile, its loss in Q3 was 53% lower than the INR 186.5 Cr reported in Q2 FY23. PB Fintech operating revenue increased by more than 66% to INR 610 Cr in Q3 FY23 from INR 367.3 Cr the previous quarter. It increased 6.4% sequentially from INR 573.5 Cr. PB During the quarter under review, Fintech’s existing businesses, Policybazaar and Paisabazaar, contributed INR 425 Cr to total operating revenue, representing a 34% increase year on year.
