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Tuesday
June 2021
4:23 PM IST
News Headlines
Sharad Pawar, Yashwant Sinha call meet to put up united opposition        Kerala to implement tourism projects in time-bound manner: Riyas        BCCI to donate Rs 10 cr for preparations of Olympic-bound athletes        WTC Final, Day 3: NZ bowl out India for 217 in 1st innings, Jamieson picks 5 wickets        AIBEA to hold National Webinars from Jul 1 to commemorate 52nd anniversary of Bank Nationalisation        France elects regional leaders, preps for presidential vote        Argentina reports first confirmed case of ‘Black Fungus’: Reports        Bengal plans more COVID beds for women amid third wave threat        Delhi eases COVID restrictions        COVID-19: India records less than 60,000 cases after 81 days        WTC Final, Day 2: India 146/3 at stumps against NZ        Union Bank of India inks MOU with NSIC to support MSMEs with credit requirements        Seven dead, 13 injured after plane crash-lands in Russia's Kemerovo region        Ebrahim Raisi elected Iran's new president        MHA asks states, UTs to not lower guard, calibrated opening up of lockdown advised        PM congratulates LS Speaker Om Birla for completing 2 years in office        Centre invites 14 J&K leaders to attend all-party meeting on June 24        Tour de France to hold women''s cycling race in July 2022        Will always regret missing hundred on Test debut but will get one next time: Shafali Verma        Nadal, Osaka both out for Wimbledon; she'll go to Olympics        
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Business News
Policybazaar to raise USD 150 million in third quarter
 
New Delhi, Jul 19 (PTI) Insurance aggregator Policybazaar plans to raise USD 150 million (about Rs 1,100 crore) as buffer capital during the third quarter of current fiscal.

Although the company doesn't require capital for business expansion, it may raise some funds as a buffer for unforeseen events, Policybazaar.com Group CEO and co-founder Yashish Dahiya told PTI.

"We might raise some capital as a buffer. In the future you never know what will happen. This year COVID happened. What if something else happens in the future. We may raise about USD 150 million, but that is more for safety than for any plan. It may happen in the Q3," he said.

Meanwhile, Policybazaar expects to return to profitability this fiscal on the back of surge in demand for insurance products amid the COVID-19 pandemic.

Growth over the last year is between 70 per cent and 100 per cent depending on insurance product, he said, adding, "this year we should be profitable. We were profitable in FY18, while FY19 and FY20 we were not quite profitable. So this (growth in business) will help us to become profitable from this year onwards."

He further said the company will look to consolidate its operations, invest in customer service and work towards capital efficiency as it looks to swing back into profitability this fiscal.

Despite booking a loss, the company's revenue jumped three-fold, while it doubled both market share and valuation at the end of FY20, he added.

During 2020-21, Dahiya said the company should log revenue of Rs 1,100 crore and post a marginal profit.

On insurance premium side, he said the current fiscal will close with Rs 6,000 crore as against Rs 4,000 crore in FY20.

As far as the other business Paisabaazar is concerned, he said there is some stress as demand for loans has come down significantly due to the COVID-19 crisis.


AIBEA to hold National Webinars from Jul 1 to commemorate 52nd anniversary of Bank Nationalisation
Union Bank of India inks MOU with NSIC to support MSMEs with credit requirements
Sensex rises over 200 pts in early trade; Nifty tests 15,750
India extends USD 100 million Line of Credit to Sri Lanka for solar energy projects
India's fuel demand rebounds in June
Power consumption grows 9.3 pc in first half of June
Diesel at Rs 100 mark in Rajasthan; Karnataka sees Rs 100/ltr petrol
Rupee slips 13 paise to 73.02 against US dollar in early trade
Disruption in operations may lead to demand uncertainty in home improvement categories: Asian Paint
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Google, Facebook updating website to reflect new grievance officer appointed under IT rules
SBI & IBA announces various support measures and launch of new loan products by all Public Sector Banks
Honda 2wheelers India resumes production at its plants across India in a phased manner
Working closely with Jio to build affordable smartphone: Google CEO Pichai
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KERALA NEWS
Kerala to implement tourism projects in time-bound manner: Riyas
 Thiruvananthapuram: Kerala will complete its tourism projects in a time-bound manner by giving top p  
Kerala govt orders SIT probe into ''illegal'' tree felling in Wayanad
LDF govt hand in glove with timber mafias, alleges Union Minister Muraleedharan
COVID-19:Kerala reports 14,233 new cases, 173 deaths
INTERNATIONAL NEWS
France elects regional leaders, preps for presidential vote
 Paris: Marine Le Pen's far right party is riding high on her tough-on-security, stop-immigration mes
Argentina reports first confirmed case of ‘Black Fungus’: Reports
Seven dead, 13 injured after plane crash-lands in Russia's Kemerovo region
Ebrahim Raisi elected Iran's new president
NATIONAL NEWS
Bengal plans more COVID beds for women amid third wave threat
 Kolkata: The West Bengal government is planning to allot more hospital beds for women as it prepares
Delhi eases COVID restrictions
MHA asks states, UTs to not lower guard, calibrated opening up of lockdown advised
PM congratulates LS Speaker Om Birla for completing 2 years in office
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