PB Fintech Ltd, on 27 November, announced that it had invested Rs 350 crore in Policybazaar Insurance Brokers Pvt. Ltd, which is a wholly-owned subsidiary of the company.

In its regulatory filing, the company said that the investment in its Gurugram-based subsidiary was made at an arm’s length basis.

The company said that the current investment in Policybazaar will allow it to strengthen its financial health, enhance brand awareness, office presence, and strategic initiatives, and meet general operating expenses.

The funds will be infused in one or more tranches across FY2024 and FY 2025. The company has subscribed to 58 lakh shares of Policybazaar at an average price of Rs 603 per share.

In December 2021, the company announced its plans to invest up to Rs 700 crore in Policybazaar in one or more tranches during the financial year 2022 and 2023. It had already announced an investment of Rs 203 crore in Paisabazaar Marketing and Consulting Pvt Ltd, which is a marketplace for consumer credit.

In a separate filing on 11 September, the company said that it has no intention of becoming a direct insurer or applying for such a licence, emphasising its commitment to maintaining a harmonious relationship with existing insurance partners.