PB Fintech invests in two of its subsidiaries

22 Sep 2022 , 01:09 PM

The investment done by the company in both of its subsidiaries is to meet its general operating expenses and enhancing brand awareness, office presence and strategic initiatives. Policybazaar Insurance Brokers carries on the business of Insurance Broker Direct (Life and General) under the Insurance Regulatory and Development Authority of India (Insurance Brokers). The company recorded a turnover of Rs 789.53 crore during the finanicial year ended 31 March 2022. PB Fintech invested Rs 650 crore in this company. Policybazaar Insurance Brokers is engaged in the business of online and offline, direct marketing, traders, marketers, consultants, market research consultants and / or agents in relation to all kinds of goods, merchandise, live-stock and services and to establish international marketing and agency network. The company recorded a turnover of Rs 584.91 crore during the finanicial year ended 31 March 2022. PB Fintech invested Rs 250 crore in this company. Both the companies are wholly owned subsidiaries of PB Fintech. PB Fintech, the owner of Policybazaar and Paisabazaar platforms, is Indias largest online platform for insurance and lending products. PB Fintech reported net loss of Rs 204.33 crore in Q1 FY23, higher than net loss of Rs 110.84 crore in Q1 FY22. Revenue from operations surged 112.51% year on year to Rs 505.19 crore in the quarter ended 30 June 2022. Shares of PB Fintech declined 0.73% on the BSE. Powered by Capital Market – Live News