PB Fintech plans to reduce costs amid slowdown in unsecured loans

PB Fintech, the parent company of Policybazaar and Paisabazaar, is set to implement corrective measures to reduce operating costs at its financial services arm, Paisabazaar, due to a slowdown in unsecured loans. The company's workforce may face reductions as part of these cost-cutting initiatives. The decision follows a slowdown in unsecured loan growth, particularly in personal loans and credit cards, which has impacted Paisabazaar's performance. The company reported an 8% decline in revenue for Paisabazaar, which stood at Rs. 143 crore for Q2FY25. Loan disbursements, however, remained stable at Rs 4,237 crore. Unsecured loans account for around 70% of Paisabazaar's revenue, followed by credit cards at 20-25% and secured loans at 10%.