The aggregator will be conducting both domestic and cross-border transactions as permitted by the RBI.
The promoter of PolicyBazaar, PB Fintech has announced that it will launch a wholly owned subsidiary to carry out the “business of payment aggregators." Named ‘PB Pay Private Limited’, the aggregator will be conducting both domestic and cross-border transactions as permitted by the RBI.
This will be done by “facilitating merchants with offline and/or digital payment acceptance infrastructure or both,” as per a filing by the company. Once incorporated, the wholly owned subsidiary will be a part of the parent company.
As per the statement released by the company, the payment aggregator will conduct business only once it receives the RBI license. The paid-up share capital for the company will be Rs 27 crore. A share that an investor has fully paid for is called a paid-up share.
A report by Mint says that recently, Singapore-based Temasek Holdings, an investment firm, decided to offload its entire stake in PB Fintech. This was done via open market operations for ₹2,425 crore. It was sold to Policybazaar's parent company in three separate transactions on the Bombay Stock Exchange (BSE).
In January of this year, Japanese investor Soft Bank also exited PB Fintech. The company collected $650 million in returns. According to the Business Standard. Soft Bank made about a $200 million investment in the company. In a transaction around mid-December, Soft Bank sold the remaining stake for approximately Rs 914 crore, according to the Economic Times.
For the December quarter of 2024, PB Fintech reported a 43 percent growth in operating revenue and a PAT of Rs 37 crore.