PB Fintech rose 2.89% to Rs 954.70 after the company's board approved investment in two subsidiaries, Policybazaar Insurance Brokers and Paisabazaar Marketing and Consulting.
The board of PB Fintech, which owns Policy Bazaar, has approved investment of up to Rs 700 crore in one or more tranches in subsidiary Policybazaar Insurance Brokers during FY22 and FY23, and up to Rs 299.99 crore in subsidiary Paisabazaar Marketing and Consulting.The investments are aimed at strengthening the financial health of the subsidiaries to meet their general operating expenses and enhancing brand awareness, office presence and strategic initiatives.
Separately, Paisabazaar.com, India's largest digital marketplace for consumer credit, announced that it has strengthened its partnership with Axis Bank, India's third largest private sector bank, by launching a pre-qualified program for unsecured loans on its platform.
The pre-qualified program on Paisabazaar.com entails deep technology and analytics collaboration with banks and NBFCs, which enables select customers to view customized and pre-qualified lending offers on the fintech's platform.
Axis Bank customers, both salaried and self-employed, who are eligible for pre-qualified personal loans from the bank, will now be able to view and apply for the same offers through the Paisabazaar platform as well. This integration would lead to instant access to credit for these select customers through an end-to-end digital process, which can be completed through the click of a few buttons on Paisabazaar.
Speaking on the partnership, Sumit Bali, group executive & head - retail lending, Axis Bank, said, "Our partnership with Paisabazaar.com is one more step towards offering enhanced customer experience through an innovative financial solution that is both convenient and easy. Our pre-qualified credit products involve paperless processes and quick disbursals. The same delightful consumer experience on our pre-qualified products will now be available on Paisabazaar.com as well."
Paisabazaar has 50+ partnerships with large banks, large NBFCs and fintech lenders to offer a wide choice of lending products for consumers on its platform. Paisabazaar was India's largest consumer credit marketplace with a 51.4% market share, based on disbursals in Fiscal 2020, as per Frost & Sullivan.
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PB Fintech, owner of Policybazaar and Paisabazaar platforms, is India's largest online platform for insurance and lending products leveraging the power of technology, data, and innovation. It provides convenient access to insurance, credit and other financial products and aims to create awareness amongst Indian households about the financial impact of death, disease, and damage.
PB Fintech reported a net loss of Rs 110.84 crore and sales of Rs 237.73 crore in the quarter ended on 30 June 2021.
The scrip was listed on 15 November 2021 at Rs 1150, a premium of 17.35% to the issue price of Rs 980.
The initial public offer (IPO) of PB Fintech received was subscribed 16.58 times. The issue opened for bidding on 1 November and it closed on 3 November. The price band of the IPO was fixed at Rs 940-980 per share.
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