SoftBank divests 2.5% stake worth Rs.914-Cr in PolicyBazaar

SoftBank, via Svf Python II (Cayman), has divested a 2.5% stake in insurance broker PolicyBazaar's parent firm PB Fintech for INR 914 crore through open market transactions. It offloaded 1,14,21,212 shares in 10 tranches at an average price of INR 800.05 apiece. Post transaction, SoftBank's stake in the firm has declined to 1.85% from 4.39%. In October, it had pared a 2.5 % stake in PB Fintech for INR 871 crore. In December last year, SoftBank, through its affiliates, offloaded 5.1 % stake for INR 1,043 crore. PB Fintech was co-founded by Yashish Dahiya and Alok Bansal in 2008. The company operates online insurance platform PolicyBazaar and credit comparison portal PaisaBazaar. It made its public market debut in November 2021.