[Update] Paisabazaar Cofounder Naveen Kukreja Steps Down From CEO’s Role

Update | February 28, 9:19 AM

In the latest top-level reshuffle at PB Fintech, Naveen Kukreja, the cofounder of its wholly owned subsidiary Paisabazaar Marketing and Consulting, has stepped down from the role of the CEO of the credit marketplace.

Meanwhile, Ashutosh Mishra has resigned from the role of the CFO of the company’s insurance marketplace and wholly owned subsidiary Policybazaar Insurance Brokers. He will step down from his post, effective March 31, 2025. Mishra will be replaced by Vivek Audichya, who has quit the position of Paisabazaar’s CFO.

Filling in for Audichya will be Neeraj Tripathi, who has been appointed as the CFO and new key managerial personnel (KMP) of Paisabazaar from March 1, 2025. 

All the changes were approved by the board members of the respective subsidiaries during a meeting held on Thursday (February 27).

In an exchange filing, PB Fintech said that Kukreja will “step away” from running day to day operations at Paisabazaar and will explore other opportunities within PB Fintech. The company added that Kukreja will take up the role of PB Fintech’s group president and will advise the company on the future strategy for Paisabazaar. 

Nevertheless, Kukreja will continue to be a KMP and a member of the company’s board as a non-executive director.

“… He (Kukreja) would also help us explore other opportunities from a long-term perspective. He continues to be aligned with PB Fintech, and a valued senior leader. Our hope is that in the next few months he will identify a valuable opportunity within PB Fintech, which we would love to back,” the company added. 

Kukreja has been succeeded by Santosh Agarwal as Paisabazaar’s new CEO. Prior to the appointment, Agarwal headed PB Fintech’s life insurance business as the chief business officer at Policybazaar. While she will take charge post March 1, 2025, Kukreja will continue to help guide the transition over the next few months, added the company. 

“Santosh Agarwal would be taking over as Chief Executive Officer (KMP) of Paisabazaar and would report into Mr. Yashish Dahiya to drive the business starting March 1, 2025… The Board, NRC and management considered various external and internal candidates and made this decision through a competitive process and we are super excited at having Santosh take on this opportunity,” read the filing.

She will also work with the insurtech major’s top brass to guide the life insurance business in the short term and formulate strategies for Paisabazaar to leverage insurance opportunities. Agarwal will also bolster Paisabazaar’s expansion in the unsecured and secured lending space and lead the company’s foray into pensions and savings segments.

The announcements came barely hours after Policybazaar’s corporate insurance arm Policybazaar for Business roped in industry veteran Amitabh Dewan to oversee its large corporate risk business.

PB Fintech is shoring up its top brass as it looks to foray into the healthcare segment. Group chairman and CEO Yashish Dahiya, in December 2024, said that PB Fintech would make a one-time investment of $100 Mn to acquire a 30% stake in a new healthcare company, without elaborating further. 

Meanwhile, PB Fintech reported its fifth consecutive profitable quarter in the third quarter (Q3) of the ongoing fiscal year (FY25). The company reported a 92% jump in its consolidated profit after tax (PAT) to INR 71.54 Cr during the quarter under review from INR 37.23 Cr in the year-ago period. 

Operating revenue zoomed 48% to INR 1,291.62 Cr in Q3 FY25 from INR 870.89 Cr in Q3 FY24. 

(Note: The story and headline have been updated to rectify Naveen’s name)