PB Fintech to invest INR 700 crore in PolicyBazaar Insurance Brokers Pvt Ltd

• ByTejika Bajaj     |    December 31, 2021

The parent company of PaisaBazaar as well as PolicyBazaar- PB Fintech has recently revealed its plans to infuse a sum of INR 700 crore in its wholly-owned subsidiary PolicyBazaar Insurance Brokers Private Limited.

The parent company expressed in its stock market filing that the investment would take place over either one or two phases during the financial year of 2021-22 and 2022-23. Till now, PB Fintech has invested INR 250 crore out of the promised sum in PolicyBazaar.

The Board members of PB Fintech have further agreed upon making an investment of upto INR229.99 crore in PaisaBazaar Marketing and Consulting Private Limited which is also a wholly owned subsidiary of the former.

Simultaneously, Paisabazaar has also partnered up with Axis Bank in an attempt to launch its pre-qualified for unsecured loans over its gateway. The pre-qualified program would consist of deep technology and analytical collaboration with Banks and NBFCs which would in turn allow customers to choose from a wide range of personalized and pre-qualifies lending services available on the platform.

Following this collaboration, all of Axis Bank’s customers would be able to derive pre-qualified personal loans from the bank and will be able to view as well as apply for the same through the PaisaBazaar gateway.

Through this new feature, customers would be able to access credit instantly through an end-to-end digital process which can be completed through a few clicks on the Paisabazaar platform.

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