The multinational investment company, Softbank, on Friday, sold a 5.1 percent stake in PB Fintech, the parent company of Policybazaar. The shares which were sold by SoftBank through a block deal were worth 1043 crore Indian rupees.
According to the latest block deal data available from National Stock Exchange, SVF India Holdings (Cayman) sold 2,28,42,424 shares of PB Fintech through an open market transaction. SVF India Holdings (Cayman) is a subsidiary entity of SoftBank. The shares were offloaded at an average price of Rs 456.4 apiece, taking the transaction value to Rs 1,042.52 crore.
Policybazaar, which is a flagship subsidiary of PB Fintech is one of the largest online insurance aggregators in the country. PB Fintech also operates Paisabazaar, a credit comparison portal.
Vision Fund of SoftBank invested 150 million dollars in Policybazaar on June 2018 during a series F funding round. During the series F funding, Policybazaar raised 238 million dollars in total. SoftBank made additional Investments of 130 million dollars in 2020, valuing Policybazaar at 1.5 billion dollars.
With the latest offloading of shares in the insurance aggregator company, SoftBank has reduced its shareholding in PB Fintech to 5.06 percent from 10.16 percent.
A media report suggests that shares sold by SoftBank were purchased by Goldman Sachs Singapore Pte, Societe Generale, Morgan Stanley Mauritius, and Max Life Insurance Company to name a few.
A few weeks ago, Tiger Global Management, an investment giant based in the United States of America sold a 4% stake in PB Fintech.
In the September quarter, PB Fintech reported a decline in the consolidated net loss by more than 8 percent. Net loss in the September quarter was posted at 186.5 crore Indian rupees. During the same quarter in the previous financial year, the consolidated net loss was standing at 204.4 crore rupees.
Apart from SoftBank, Policybazaar also has some notable Investors such as Temasek Holdings, Premji Invest, Info Edge, Tiger Global Management, Tencent, Claymore Investment, and Falcon Edge.
PB Fintech stocks closed markets on Friday at 485.00 rupees per share. When compared to the previous close of 461.00 rupees, the share gained 5.21 percent.
Policybazaar which was founded by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar in 2008 went public through an initial public offering in November 2021.
