On Monday, PB Fintech, the parent company of India’s largest insurance aggregator PolicyBazaar, filed for its much-anticipated initial public offering (IPO). With this offering, the business hopes to collect $6,017 crore, allowing Japanese giant SoftBank to leave partially.
Policybazaar
PB Fintech (previously known as EtechAces Marketing and Consulting) was founded in 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar. Policybazaar, Paisabazaar, and DocPrime are the company’s three primary subsidiaries. It is a Gurgaon-based insurance aggregator and international financial technology firm.
Look at the top-paid executives
Chief Executive Officer (CEO) Yashish Dahiya, earned over 2.80 crore for the fiscal year ending March 2021, Chief Financial Officer (CFO) Alok Bansal, earned 2.1 crore, and Sarbvir Singh, earned 1.48 crore, are among PB Fintech highest-paid workers.
With effect from June 28, 2021, Alok Bansal has been re-appointed as a Whole-Time Director of PB Fintech for a five-year term. His new compensation package will include a base monthly salary of between Rs. 4 lakh and Rs. 12 lakh. Aside from that, he would be eligible for yearly performance bonuses, special allowances, and other benefits.
In addition to monetary compensation, PB Fintech’s senior management has been given stock options through an employee stock option plan (ESOPs).
Independent directors to lose
With effect from June 28, 2021, Alok Bansal has been re-appointed as a Whole-Time Director of PB Fintech for a five-year term. His new compensation package will include a base monthly salary of between Rs. 4 lakh and Rs. 12 lakh. Aside from that, he would be eligible for yearly performance bonuses, special allowances, and other benefits.
In addition to monetary compensation, PB Fintech’s senior management has been given stock options through an employee stock option plan (ESOPs).
Policybazaar is one of PB Fintech’s companies that allows consumers to buy insurance plans online. Other PB Fintech companies include online lending platform PaisaBazaar (founded in 2014) and healthtech venture DocPrime (founded in 2018), which allows visitors to arrange doctor appointments and a variety of medical testing.
Softbank is eager to sell its share
SoftBank has been waiting for this for a long time, particularly after the WeWork IPO fiasco, which nearly lost the business its Vision Fund II. The Japanese conglomerate will have enormous profits to offer to foreign investors thanks to Indian financial giants Paytm and PolicyBazaar.
In the PolicyBazaar IPO, SoftBank plans to sell shares worth Rs. 1,875 crore. Meanwhile, the company’s CEO Yashish Dahiya and CFO Alok Bansal will sell shares for a total of 950 crore through the public offering.
