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SoftBank Exits PolicyBazaar Parent Company, Takes $650M in Proceeds

News update

Japanese conglomerate SoftBank has reportedly exited PB Fintech, the parent company of insurance aggregator PolicyBazaar, with a return of around $650 million on its investment.

SoftBank initially invested nearly $200 million in PB Fintech during its early stages. In December last year, SoftBank sold 2.53% of its stake in PB Fintech through several block deals for a total of INR 913.7 million, marking a complete exit from the company.

In September, SoftBank, represented by Svf Python II (Cayman) Ltd, held a 4.39% stake in PB Fintech, according to the company’s shareholding pattern. In October, SoftBank sold an additional 2.5% stake in parent company PolicyBazaar, generating INR 871 million in the transaction.

Over the past year, SoftBank has been shedding its stakes in various listed Indian startups, including its recent exit from PB Fintech. Reports suggest that SoftBank has sold stakes worth $1.8-1.9 billion during public offers and post-IPO sales in four Indian startups – Paytm, Zomato, PB Fintech and Delhivery.

In December, SoftBank sold $9.35 million ($1.1 million) worth of shares in food giant Zomato in a block deal for INR 1,127 million. SoftBank is the largest institutional shareholder in Ola Electric and FirstCry, both of which have filed draft documents for their initial public offerings. After a dry spell that lasted nearly 18 months, SoftBank is gearing up to resume investment in Indian startups soon.

Meanwhile, Policybazaar recorded premiums of INR 3,475 crore in Q2 FY24, up from INR 2,545 crore in Q2 FY23. PB Fintech posted a net loss of over 89% yoy to INR 21 crore in the quarter ended September 2023 compared to a net loss of INR 187 crore in Q2 FY23.

During Thursday’s trading session, shares of PB Fintech were trading at INR 871.85 at 9:30 AM on BSE.

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