PB Fintech, the parent company of Policybazaar and Paisabazaar, said on January 14 that it has acquired technology services provider Visit Internet Services for Rs 22.41 crore.
The acquisition was done through PB Fintech's subsidiary Docprime Technologies and is the second acquisition after the company listed in November 2021.
In December 2021, PB Fintech had announced the acquisition of a majority stake in Gurugram-based loan marketplace MyLoanCare for Rs 40.41 crore.
The acquisition of Visit Internet Services will be completed in two tranches, the company said. While it has already acquired a 98.40 percent stake, the process would be completed in February after PB Fintech's stake reaches 100 percent through the secondary acquisition of preference shares.
Visit Internet Services was founded in 2015 by Birla Institute of Technology and Science (BITS) alumni Anurag Prasad, Shashvat Tripathi, Vaibhav Singh and Chetan Anand. The platform provides integrated internet-based healthcare, medical and other related services in India as well as abroad.
It also provides internet-based technologies infrastructure to doctors and other healthcare providers. The platform also allows teleconsultation among doctors and patients.
According to PB Fintech's announcement, Visit Internet Services posted a turnover of Rs 76 lakh in FY20, up from Rs 1.80 lakh in FY19.
PB Fintech also holds a minority stake in Visit Health, which was launched by the same founders and owns the Visit Health app. The company has a 30.46 percent stake in Visit Health after it invested an additional Rs 10.80 crore in November 2021.
In December 2021, the fintech also established a wholly-owned subsidiary to become an account aggregator, which will supplement its lending and insurance marketplace business.
Account aggregation (AA) aims to solve this issue by making sharing of data easy by providing a single platform for the exchange of all information.
A new class of licensed non-banking finance companies (NBFCs) approved by the Reserve Bank of India (RBI) in 2016, AA is essentially a technology service provider that shares a customer's information with institutions that seek to use this data.
With an in-house AA platform, PB Fintech will be able to allow faster exchange of information among banks and NBFCs and customers seeking loans.
The company had said in the exchange filing that it will apply to the Reserve Bank of India (RBI) for the AA licence and it expects the subsidiary to be set up in nine months’ time.
PB Fintech's stock is down 29.38 percent since its listing.
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