The parent company of Policybazaar PB Fintech on 1 May announced that the Board of Directors had given approval to three proposals. 

The company’s board has also approved acquiring a 100% stake in Genesis Group Limited from YD Holdings Limited for a total consideration of AED 3.8 million, expected to be completed by 31 May 2024.

The board has also approved plans to divest its 29% stake in Visit Health Private Limited held by Docprime Technologies Private Limited, a wholly-owned subsidiary of the Company, for Rs 76 Crore.

The company’s Board of Directors announced plans to divest 4,50,000 equity shares of Rs. 10 each and 82,759 compulsorily convertible preference shares of Rs 10 per share of Visit Internet Services Private Limited held by Docprime Technologies Private Limited for Rs 2 crore. 

Earlier, the company announced a strategic partnership with ICICI Lombard, a private insurance major. Under this partnership, ICICI Lombard will offer its diverse range of insurance products on the Policybazaar platform.

Furthermore, the company incorporated a subsidiary unit named PB Pay Private Limited. PB Pay has been incorporated to facilitate payment aggregation, with an initial paid-up capital of Rs 27 crore.