Temasek Sells Full 5.2% Stake in Policybazaar Parent for INR 2,425 Cr
- ByStartupStory | February 2, 2024
Singaporean investment fund Temasek Holdings has completed the sale of its entire stake in PB Fintech, the parent company of Policybazaar, for ₹2,425 crore through open market transactions. The sovereign wealth fund executed its exit by selling a 5.42% stake in three tranches on the BSE. According to block deal data, Temasek Holdings’ subsidiary, Claymore Investments (Mauritius) Pte, offloaded 2,44,30,015 shares at an average price of ₹992.8 apiece, reflecting the combined deal value of ₹2,425.41 crore.
PB Fintech, the parent firm, announced a notable turnaround with a net profit of ₹37 crore in the December quarter FY24, contrasting with a net loss of ₹87 crore in the corresponding period last year. The company’s cash position also saw improvement, rising annually by ₹204 crore to ₹5,150 crore.
In parallel, US-based financial services company Capital Group acquired shares of PB Fintech across seven tranches through its affiliates. The closing price of PB Fintech stock on the BSE stood at ₹996.90 per share on the day of the transactions.
Highlighting further market activity, in December, Softbank’s arm Svf Python II (Cayman) sold a 2.5% stake in PB Fintech for ₹914 crore. Co-founded by Yashish Dahiya and Alok Bansal in 2008, PB Fintech encompasses major businesses like Policybazaar and Paizabazaar, both operating in online insurance aggregation and credit comparison. The firm successfully launched its IPO in November 2021.
Reflecting on the company’s financial performance, PB Fintech reported robust results in Q3 FY24, witnessing a profit increase to ₹37 crore. Its revenue from operations surged by 42.7% YoY to ₹870.9 crore, marking a significant rise from ₹610.1 crore in the corresponding period of the previous fiscal year. The core online business demonstrated strong growth, with new protection premiums increasing by 44%, and core operating revenue rising by 39% YoY to ₹593 crore.
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