Global firms buy PB Fintech stakes from early backers
financial services major Capital Group, and asset management companies T Rowe Price, Fidelity and Vanguard have all acquired stakes in PB Fintech, which runs insurance marketplace Policybazaar and credit marketplace Paisabazaar, people in the know said.
“Capital Group through various of its investment vehicles now owns around 10% in the company,” said a person with knowledge of the matter.
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Offering CollegeCourseWebsiteIIT DelhiCertificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Product ManagementVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitThese transactions have happened through multiple bulk deals as several early-stage investors of the Gurugram-based company have exited the firm fully or partly since 2021 when it went public. Its founders have also sold some shares earlier this year.
This comes at a time when India received record inflow of foreign portfolio investments (FPI) into its equities markets, buoyed by a steady macroeconomic environment and a booming stock market. More than Rs 2 lakh crore worth of Indian equities have been bought by FPIs in FY24, the highest since 2021, according to National Securities Depository data.
Besides global investors, domestic institutional players have also bought stakes in PB Fintech. Data from BSE as of March 2024 show that mutual funds own 10% of PB Fintech, compared with 7.4% in June last year. At the time of the IPO, their stake was 2.5%.
