TLDR:
Policybazaar’s parent company, PB Fintech, has received approval to set up a payment aggregator arm. This move comes after the company saw new insurance premiums and renewal premiums increase significantly in the December quarter. The application for the subsidiary’s incorporation is pending approval from relevant authorities.
The insurance aggregator saw new insurance premiums at Rs 2,400 crore and renewal premiums at Rs 1,900 crore in the December quarter.
Article Summary:
PB Fintech, the parent company of Policybazaar, has been granted permission to establish a payment aggregator arm. This initiative follows a successful period for the company, with new insurance premiums reaching Rs 2,400 crore and renewal premiums hitting Rs 1,900 crore during the December quarter. The incorporation process for the new subsidiary is underway, subject to approval from the necessary regulatory bodies.
This strategic move by PB Fintech highlights the company’s commitment to expanding its services and offerings in the financial sector. By establishing a payment aggregator arm, the company aims to enhance its presence in the digital payments space and cater to a wider customer base. The growing success of Policybazaar in the insurance sector has paved the way for this new venture, showcasing the company’s ability to adapt and innovate in response to market dynamics.
Overall, PB Fintech’s foray into the payment aggregator space represents a significant step in its growth trajectory. With a strong foundation in the insurance industry and a track record of success, the company is well-positioned to capitalize on emerging opportunities in the financial services sector. The approval to set up the payment aggregator arm marks a pivotal moment for PB Fintech and sets the stage for future expansion and diversification within the company’s portfolio.
