PB Fintech Strategic Investment: Rs 350 Crore Infusion in Policy bazaar and Future Financial Initiatives

PB Fintech Ltd disclosed a significant investment of Rs 350 crore in its subsidiary, Policy bazaar Insurance Brokers Pvt. Ltd, according to an announcement made on November 27. This Gurugram-based subsidiary, wholly owned by PB Fintech, received the investment at an arm’s length basis, as mentioned in the regulatory filing.

The infusion of funds into Policybazaar is earmarked to fortify its financial position, amplify brand recognition, expand office infrastructure, support strategic initiatives, and cover general operating expenses. The investment will be made in multiple tranches spanning FY2024 and FY2025. PB Fintech subscribed to 58 lakh shares of Policybazaar at an average price of Rs 603 per share.

This move follows PB Fintech’s earlier declaration in December 2021, outlining plans to invest up to Rs 700 crore in Policybazaar during the financial years 2022 and 2023. The company had already committed Rs 203 crore to Paisabazaar Marketing and Consulting Pvt Ltd, a consumer credit marketplace.

In a separate filing on September 11, PB Fintech clarified that it has no intentions of becoming a direct insurer or applying for such a license. The company emphasized its dedication to maintaining a cooperative relationship with existing insurance partners.

PB Fintech Ltd, popularly known as Policy Bazar is India’s largest online platform for insurance and lending products through its flagship brands – Policybazaar and Paisabazaar platform through which they provide convenient access to insurance, credit and other financial products

2023-10-13 (4)

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