Kukreja will continue as the non-executive director on the board of Paisabazaar, the company said in an exchange filing on Thursday. He will advise upon the future strategy of Paisabazaar while scouting for a role in the larger group, the company said.
Previously with Citibank, Kukreja had been leading Paisabazaar since 2014 and is the cofounder of the brand.
Agarwal, the new CEO, was the chief business officer at Policybazaar, the insurance distribution arm of PB Fintech and headed the life insurance business at the company. She has been with the firm for more than 13 years.
With her at the helm, Paisabazaar will expand into a larger play around savings and pension products, the company said in its filings.
Currently, the platform mostly offers unsecured and secured credit products. On October 16, ET had written about Paisabazaar scouting for opportunities around wealth management and investments.
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The new CEO appointment comes amid a slowdown in the unsecured lending business across the country, which hit Paisabazaar hard. The company reported a 20% fall in the credit distribution business year-over-year. While secured lending has scaled up with revenues of Rs 24 crore in the December quarter, the business generates much lower margin compared to unsecured credit distribution.The chief financial officer of Paisabazaar Vivek Audichya has also resigned from his position to be replaced by Neeraj Tripathi who had joined Policybazaar in 2014. He held the position of head of financial tax and reporting at the insurance marketplace.
Audichya joins Policybazaar as its new chief financial officer in the place of Ashutosh Mishra, who has resigned from his position which will be effective from March 31, the company said in the filings.
