Priya PatelTLDR:
- Premji Invest, a private equity fund managed by billionaire Azim Premji, has divested a 1% stake in PB Fintech Ltd., the parent company of Policybazaar, for Rs 457 crore ($62.1 million).
- The shares were sold through an open market transaction by Premji Invest’s affiliate, PI Opportunities Fund II.
Billionaire Azim Premji’s private equity fund, Premji Invest, has sold a 1% stake in PB Fintech Ltd., the parent company of online insurance aggregator Policybazaar, for Rs 457 crore ($62.1 million). The shares were sold through an open market transaction by Premji Invest’s affiliate, PI Opportunities Fund II. According to the bulk deal data, the fund sold 46,43,528 shares at an average price of Rs 985.07 apiece. After the transaction, PI Opportunities Fund II’s shareholding in PB Fintech has decreased to 0.93% from 1.93%. The buyer’s details have not been disclosed.
PB Fintech, co-founded by Yashish Dahiya and Alok Bansal, operates Policybazaar and credit comparison portal Paisabazaar. The company made its stock market debut in November 2021. In the third quarter of this fiscal year, PB Fintech reported a net profit of Rs 37.2 crore ($5 million) compared to a net loss of Rs 87.6 crore in the same quarter last year. The company’s revenue from operations also increased by 42.7% to Rs 870.9 crore ($118 million) in the October-December quarter.
Previously, Singaporean sovereign wealth fund Temasek Holdings sold its entire 5.42% stake in PB Fintech for Rs 2,425 crore ($329 million).
