SoftBank fully exits Policybazaar parent fetching $650 million in returns
SoftBank has fully exited PB Fintech, the parent of insurance marketplace PolicyBazaar, according to people aware of the matter. SoftBank had invested close to $200 million in PB Fintech and sold its remaining stake in a mid-December transaction for about Rs 914 crore (or $109 million).
In total, SoftBank has made around $650 million in returns on its total investment in the Gurgaon-based insurance aggregator. In December, SoftBank also made an exit from Zomato. It picked up a stake in the company when the food delivery platform acquired Blinkit (formerly Grofers) in 2022 in an all-stock deal.
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Offering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitThis is in line with Masayoshi son-led SoftBank’s strategy over the last 12 months or so where it has been steadily diluting its holding through public market deals.
ET reported on January 2 saying Softbank sold stakes worth $1.8-1.9 billion during the public offerings and through post-listing sales in four Indian startups — Paytm, Zomato, PB Fintech and Delhivery — that went public in 2021 and 2022. It had invested a total of $2.3-2.4 billion in these four new-age companies.
According to PB Fintech’s shareholding structure as of September 30, 2023, SoftBank through Svf Python II (Cayman) Limited, held 4.39% stake in the company.
Mutual funds including Franklin India and Mirae Asset continued to hold 7.83% stake in PB Fintech with Tencent and Steadview Capital being other major investors in the insurance marketplace.
Founders Alok Bansal and Yashish
