PB Fintech incorporates wholly-owned subsidiary PB Pay Private

Online insurance platform PolicyBazaar's PB Fintech has incorporated its wholly-owned subsidiary PB Pay Private Limited. In an exchange filing,  PB Fintech said that PB Pay Private Limited after required approvals. PB Pay was launched to function as a payment aggregator with a paid-up capital of Rs 27 crore.

"In furtherance to our earlier communication dated March 20, 2024 and pursuant to Regulation 30 read with Schedule III of SEBI Listing Regulations, we hereby inform that a wholly-owned subsidiary of the Company by the name of “PB Pay Private Limited” has been incorporated vide Certificate of Incorporation issued by Registrar of Companies, Central Registration Centre, Ministry of Corporate Affairs dated April 09, 2024," the company said in an exchange filing.

Payment aggregators enable their clients to accept various payment methods such as debit cards, credit cards, cardless EMIs, UPI, bank transfers, e-wallets and e-mandates.

Last month, PB Fintech said PB Pay Private Limited would be a non banking finance company (NBFC) and carry on the business of payment aggregator—domestic and/or cross border or both, as may be permitted by the Reserve Bank of India (RBI).

In Q3 FY24, PB Fintech reported a first ever net profit of Rs 37.2 crore against a net loss of Rs 87.6 crore in Q3 FY23. 

Revenue from operations for the quarter under review grew 42.7 per cent to Rs 870.9 crore (Rs 610.1 crore).

For the nine months ended December 31, 2023, PB Fintech reported a net profit of Rs 4.2 crore.

Earlier in the day, Policybazaar and ICICI Lombard announced that it has entered into a strategic partnership. The new tie-up will combine the product portfolio of ICICI Lombard and the reach of Policybazaar and provide accessible insurance solutions to nearly 1 crore customers, the company said.

The companies said the new combine will utilise the product portfolio of ICICI Lombard and the reach of Policybazaar and provide accessible insurance solutions to nearly 1 crore customers.

"The collaboration encompasses access to nearly 1 crore customers with a wide range of insurance products, including motor insurance, health insurance, travel insurance, home insurance, and business insurance," the companies said in a joint statement.