PB Fintech’s Paisabazaar Receives Benami Act Order Linked To Vendor Transactions

Fintech major PB Fintech’s lending arm Paisabazaar has received an order from the Adjudicating Authority under the Prohibition of Benami Property Transactions Act.

In a stock exchange filing today, the company received an order from the Department of Revenue’s Adjudicating Authority on March 26 under Section 26(3) of the Prohibition of Benami Property Transactions Act, 1988. For context, this section pertains to the adjudication stage of proceedings against alleged benami properties. 

The company said that the order was issued on certain vendors of Paisabazaar wherein Paisabazaar was alleged as beneficial owner in respect of its transactions with them. It intends to challenge the order in due course. 

Inc42 reached out to the company asking further details on the development, PB Fintech declined to comment. 

Paisabazaar offers a digital consumer credit marketplace, offering a wide range of loans, credit cards and investment products like mutual funds and fixed deposits. It facilitates loans under the FLDG model, partnering with Hero FinCorp and Piramal Finance.

In the December quarter, Paisabazaar’s transacting customers stood at 71 Lakh at the end of the December quarter. Total disbursement for the period stood at ₹9,986 Cr during the quarter, up 84% YoY

Important to note that the Paisabazaar set up a new wholly owned subsidiary Paisa Financial Services with an investment of ₹3 Cr to strengthen its collection process earlier the February,

Overall, PB Fintech has also reported strong quarterly financials. Its Q3 FY26 net profit surged 165% YoY to ₹189.4 Cr, while revenue increased 37% YoY to ₹1,771.1 Cr. Despite this, the company’s stock has faced volatility. The company’s shares have plunged close to 20% year-to-date (YTD), touching a fresh 52-week low earlier this month. 

The selling pressure for the company’s shares came after it announced plans to raise a fresh round of funding via a qualified institutional placement (QIP) back in February. The plan triggered a heavy sell-off in PB Fintech shares and was subsequently dropped, with the company clarifying that it was not pursuing the QIP at that time.

Separately, PB Fintech’s investor Tencent Cloud Europe BV, an affiliate of the Chinese tech giant Tencent, recently offloaded 48.4 Lakh shares worth ₹695 Cr through block deals, reducing its stake in the company from 2.12% to 1.06%. 

Institutional investors including Goldman Sachs, Societe Generale, and Tata Mutual Fund picked up shares in the transaction.

Sarees of PB Fintech ended today’s trading session 0.59% lower at ₹1,459.60 on the BSE.

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