Singapore’s sovereign wealth fund Temasek has offloaded its whole holdings in PB Fintech, the father or mother firm behind insurance coverage dealer PolicyBazaar and shopper credit score market PaisaBazaar, in line with Mint.
This transaction, accomplished by way of a block sale, is valued at roughly INR 2,425.4 crore (roughly US$ 292.1 million).
Temasek executed the sale through its funding automobile, Claymore Investments (Mauritius), divesting 24 million shares at a price of INR 992.8 per share, as per the information from the Bombay Inventory Trade (BSE).
This strategic divestiture from PB Fintech by Temasek follows a development of buyers capitalising on their investments within the firm. Notably, Japanese investor SoftBank exited its funding in PB Fintech final month, netting US$650 million.
The transfer by Temasek comes at a pivotal second for PB Fintech, which not too long ago celebrated its first worthwhile quarter, marking a notable turnaround in its monetary efficiency.
For the quarter ending 31 December 2023, the corporate reported a web revenue of INR 37.2 crore (US$4.5 million), a big enchancment from a lack of INR 87 crore (US$ 10.5 million) within the corresponding interval the earlier yr.
This monetary upturn coincided with the corporate’s share value surpassing its preliminary public providing (IPO) value.
PB Fintech, since its public debut in 2021, has established itself as a digital market for insurance coverage and monetary merchandise, elevating INR 5,710 crore (US$ 687.6 million) by way of its IPO, which included gross sales by current shareholders.
Featured picture credit score: Edited from Freepik
