Policybazaar parent PB Fintech gets nod to set up payment aggregator arm

The insurance aggregator saw its new insurance premiums at Rs 2,400 crore and renewal premium, which has a much higher margin, stood at Rs 1,900 crore during the December quarter.

Online insurance aggregator PB Fintech, which runs insurance and loan product aggregator Policybazaar, has secured the board nod for incorporating a wholly owned subsidiary to carry on the business of payment aggregator.

PB Pay Private Limited would carry on the business of payment aggregator for the domestic as well as cross-border markets, based on the approval from the Reserve Bank of India, by facilitating merchants with offline and/or digital payment acceptance infrastructure or both, the company said in a regulatory filing.

The paid-up share capital of the proposed company would be Rs 27 crore, it added.

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The application for the process of incorporation of the proposed wholly owned subsidiary would be filed and completed subject to approval from the relevant authorities, it said.

PB Fintech's stock hit a fresh 52-week high of Rs 1048 in early trade on February 1 after 2.44 crore shares or 5.4 percent equity exchanged hands in a block deal window.

The Gurugram-based company reported a profit after tax of Rs 37 crore for the December quarter of FY24, aided by robust growth in insurance premiums, better renewals which have higher margins and improvement in contributing margins.  The company reported cash reserves of over Rs 5,000 crore.

The insurance aggregator saw its new insurance premiums at Rs 2,400 crore and renewal premium, which has a much higher margin, stood at Rs 1,900 crore during the quarter.

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