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Policybazaar parent PB Fintech to set up healthcare entity
05 Dec 2024, 04:09 PMPB Fintech will subscribe to 50,000 shares at a face value of Rs 10 per share aggregating to Rs 5 lakh, and will retain 100% ownership of the proposed entity.
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PB Fintech, parent entity of Policybazaar and Paisabazaar, is all set to foray into healthcare services by setting up of a wholly-owned subsidiary PB Healthcare. The company's board has approved the healthcare plans.
The new entity has sought approval to be named as 'PB Healthcare Private Limited' or 'PB Healthcare Services Private Limited', or any other name as may be approved by the Ministry of Corporate Affairs.
As part of the consideration, PB Fintech will subscribe to 50,000 shares at a face value of Rs 10 per share aggregating to Rs 5 lakh, and will retain 100% ownership of the proposed entity.
"Policybazaar is not investing in this venture from a financial return perspective. Policybazaar, if it is investing, is investing from an enablement perspective. Because this venture benefits Policybazaar a lot, a huge amount and the industry a huge amount," PB Fintech had earlier said in an earnings call.
The healthcare venture, according to the company, would look to generate its own resources for growth and may raise funding independently.
"Aligning the interests of insurers and hospitals could enhance the claims experience for customers and, in turn, boost insurance penetration," PB Fintech had said in September
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