The Kunal Shah-helmed fintech faces a make-or-break year to get to profitability, or resort to a fundraise fraught with risk.
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A crash in lending saw the fintech end the financial year in the red. But its payments business is going strong, and the worst may be over in the loans business.
A breakdown of the recent numbers suggests that the Policybazaar parent may face a slowdown in the years ahead.
The fund seems convinced that technology-led businesses in India are overvalued and not good for making big exits. Instead, what is needed to return large sums of capital are investments in mature companies with a proven track record.