PolicyBazaar Latest News

PolicyBazaar is ready to hit the highway at full speed and do a stunt or two, making plans and elevating Rs 6,500 crore, now that’s a number no one could ignore. Policybazaar fintech, the figure organization of Policybazaar in a regulatory submitting accepted a decision to elevate the stated number through an equity issue. 

The New Considerations

The Softbank-sponsored aggregator of insurance, in its submitting, additionally said that aside from the issue of the said equity, it is able to additionally take into account a sale offer that might be of benefit for the organization, from a number of its investing partners. 

The decision became surpassed in an exquisitely hosted gala-like “Extra-Ordinary General Meeting” (EGM) held with the aid of the organization on July 5th, this year. The organization has expanded the restriction over investments with the aid of using NRIs and OCIs from 10 percent to 24 percent, in accordance with the filings of the IPO revealed at the meeting. It has additionally transformed the remaining convertible preference stocks into equity stocks, this corroborates the PolicyBazaar funding news that has shocked the whole IPO market. According to the media, Policybazaar is making plans to pop out with an IPO with the help of the raised funding, December 2021 is believed to be the month of the big reveal.

Listing In Indian Bourses 

After Zomato and Paytm, Policybazaar may be the next new-age tech business to get indexed at the Indian bourses in 2021 and set a new milestone. Paytm News also indicates that the business filed the DRHP, and intends to elevate Rs 16,600 crore and that will be another sky-high number.

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Renaming To Welcome New Possibilities

The organization has additionally surpassed a unique decision to rename itself as PB Fintech Ltd, imagine the time spent on taking such a decision and making it concrete. Also, SoftBank is changing from a Private Limited company to a public entity. Founded in 2008 by a marvelous entrepreneur Yashish Dahiya, Policybazaar holds precious jewels, its marquee investing partners like Tiger Global, Falcon Edge Capital, Tencent, and others that have kept the company floating. Looking at the earlier posted reports, the company published that they had lost Rs 218 crore in the financial year 2020, as compared to a loss of Rs 213 in the financial year 2019. The organization currently obtained a license from the IRDAI to broker insurances and is hoping to make a comeback after all the losses it suffered over the past few years.

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