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Business News/ Companies / News/  PolicyBazaar’s parent PB Fintech to form a payment aggregator subsidiary
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PolicyBazaar’s parent PB Fintech to form a payment aggregator subsidiary

The new subsidiary called PB Pay Private Limited would ‘carry on the business of payment aggregator’, says PB Fintech

The paid-up share capital of the proposed company would be ₹27 crore.Premium
The paid-up share capital of the proposed company would be 27 crore.

PolicyBazaar’s promoter PB Fintech on Wednesday said its board has approved the incorporation of a wholly-owned subsidiary for payment aggregator business. 

The new subsidiary called PB Pay Private Limited would “carry on the business of payment aggregator – domestic and / or cross border or both, as may be permitted by the Reserve Bank of India, by facilitating merchants with offline and/or digital payment acceptance infrastructure or both," the company said in a regulatory filing.

ALSO READ: Temasek Holdings sells entire 5.42% stake in Policybazaar parent firm PB Fintech

The paid-up share capital of the proposed company would be 27 crore, the filing added.

“The proposed company on incorporation will apply to RBI for Payment Aggregator License and conduct the PA business once RBI licence is received," the filing also said.

On February 1, Singapore-based sovereign wealth fund Temasek Holdings had sold its entire 5.42 per cent stake in PolicyBazaar's parent firm PB Fintech for 2,425 crore through open market transactions.

ALSO READ: We delayed profit by design: Yashish Dahiya

Temasek Holdings’ wholly-owned subsidiary Claymore Investments (Mauritius) Pte Ltd sold the shares of PB Fintech in three tranches on the BSE.

Claymore Investments (Mauritius) Pte offloaded a total of 244,30,015 shares, representing a 5.42 per cent stake in PB Fintech.

The shares were disposed of at an average price of 992.8 apiece, taking the combined deal value to 2,425.41 crore.

Meanwhile, US-based financial services company Capital Group, through its various affiliates, acquired the shares of PB Fintech in seven tranches.

In January, Japanese conglomerate Softbank's arm Svf Python II (Cayman) divested a 2.5 per cent stake in PB Fintech for 914 crore.

For the third quarter ended December 31, 2023, PB Fintech had reported a net profit of 37.2 crore against a net loss of 87.6 crore.

Its revenue from operations jumped 42.7 per cent to 870.9 crore against 610.1 crore in the corresponding period of the preceding fiscal. 

(With inputs from agencies)

 

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Published: 20 Mar 2024, 11:07 PM IST
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