PB Fintech mull invest plan to strengthen unit

PB Fintech mull invest plan to strengthen unit

Shares of PB Fintech soared 5% in Friday’s session as the insurance company approved an investment of up to Rs 700 crore in one or more tranches in subsidiary Policybazaar Insurance Brokers Private Limited during FY22 and FY23, and up to Rs 299.99 crore in subsidiary Paisabazaar Marketing and Consulting Private Limited.
The investments will allow both the companies to strengthen their financial health and meet general operating expenses, while enhancing brand awareness, office presence and strategic initiatives.
PB Fintech has a significant business vintage and leadership position and the insurance revenues, which account for 70% of its revenues, are highly regulated.

Policybazaar, which is PB Fintech’s flagship platform, is the country’s largest digital insurance marketplace with a market share of 93.4%, based on the number of policies sold through online insurance distribution platforms as on the previous financial year.
The company has partnered with 48 insurers, and has 51.1 million registered consumers on its platform, reports said, adding that it has sold 20.7 million policies on its platform and has 10 million unique transacting customers.
Policybazaar made a strong debut on bourses last month, with its Initial Public Offering (IPO) being subscribed nearly 17 times.

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