PB Fintech Q2 profit surges; Binance suffers $6.3 billion crypto hack
PB Fintech on Friday reported a strong jump in profit and revenue for the July-September quarter. This and more in today’s ETtech Top 5.
PB Fintech, the parent company of Policybazaar and Paisabazaar, reported a 43% increase in Q2 net profit to Rs 192 crore, while revenue from operations rose 35% to Rs 2,177.71 crore. The company credited the growth to strong performance in its core online businesses, particularly Policybazaar's insurance distribution, which saw a 42% rise in insurance premiums.
Meanwhile, Delhivery, a logistics company, reported a 20% year-on-year increase in operating revenue and turned profitable in Q2, with ecommerce shipment business growing 32% in volume and 22% in revenue. On a concerning note, cryptocurrency exchange Binance suffered a $6.3 billion hack, attributed to a compromised DevOps engineer's laptop and linked to a North Korean state-sponsored hacking unit.
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