Temasek Completes Divestment from Policybazaar's Parent Company, PB Fintech

Updated on: 2 February 2024 5:50 pm

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Temasek Holdings, a Singapore-based investment firm that backs major start-ups such as Lenskart and Zomato, has sold its entire stake in PB Fintech, the parent company of fintech Policybazaar. The firm offloaded holdings in the company through an open market transaction for Rs 2425 crore on Thursday.

As per the BSE block deals data, a Temasek entity named Claymore Investments (Mauritius) divested 24.4 million shares of PB Fintech at a rate of Rs 992.8 per share. This transaction resulted in a total deal value of Rs 2,425 crore.

On January 30, PB Fintech disclosed that its net profit for the December quarter of FY24 stood at Rs 37 crore. This marks a substantial improvement from its net loss of Rs 87 crore in the same period in the previous year. Additionally, the company's cash position saw a yearly increase of Rs 204 crore, reaching Rs 5,150 crore.

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Simultaneously, Capital Group, a US-based financial services company, acquired PB Fintech shares in seven transactions through its various affiliates. The closing price of PB Fintech stock on the BSE was Rs 996.90 per share on Thursday, reflecting a 0.59 per cent increase.

In December, Softbank's arm Svf Python II (Cayman) sold a 2.5 per cent stake in PB Fintech for Rs 914 crore.

Founded in 2008 by Yashish Dahiya and Alok Bansal, PB Fintech operates as an online insurance aggregator and credit comparison portal, with Policybazaar and Paisabazaar as its major businesses. The company went public in November 2021.

During the third quarter of FY24, the company showcased robust performance, with a profit of Rs 37 crore. The company's revenue from operations demonstrated a noteworthy YoY growth of 42.7 per cent, reaching Rs 870.9 crore compared to Rs 610.1 crore in the corresponding period of the previous fiscal year.