Liquidity Events
China's Tencent offloads 1.05% stake in PolicyBazaar for Rs.805-Cr
Chinese investor Tencent has offloaded a 1.05% stake in Gurugram-based PB Fintech , the parent company of PolicyBazaar, for INR 805.45-Cr through a block deal on the NSE. The sale was executed by Tencent Cloud Europe, which sold 48.4 lakh shares at Rs 1,664 per share. This transaction marks the full exit of the Tencent Cloud Europe entity from the company, following a previous partial stake sale conducted in March.Following this latest sale, Tencent retains its remaining interest in the company through its other entity, Macritchie Investments. For the quarter, PB Fintech reported a 37% year-on-year growth in operating revenue, reaching Rs 2,061-Cr, while net profit grew 54% to Rs 261-Cr. The company currently has a market capitalisation of INR 76,247-Cr (about $8-B).
From the Venture Intelligence Deals Database: In Nov 2019, PolicyBazaar had attracted about USD 150 M from Tencent. Other current investors in the company include Info Edge, Temasek, 360 ONE, Bay Capital Investments, White Oak Capital Management, Alpha Wave Global, SoftBank Corp, Chiratae Ventures, TrueNorth, PremjiInvest, Ribbit Capital, Steadview Capital, Tiger Global and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.) From the Venture Intelligence Private Company Financials Database: For FY25, PolicyBazaar had reported about INR 153 Cr in Operating Income and about INR 13 Cr in PAT. (Subscribers to the database can login to view the detailed financials.)
Want to receive such news items in your inbox? Click Here to sign up for a trial.
