wordpress blog stats
Connect with us

Hi, what are you looking for?

Info Edge proposes merger of subsidiary with Policybazaar parent

Insurance Policy Health Life

Info Edge (India) has proposed the amalgamation of its subsidiary Makesense Technologies with Policybazaar’s parent company PB Fintech Ltd. At board meetings on April 15, both companies approved the amalgamation, which is subject to approval from the National Company Law Tribunal (NCLT).

Info Edge, which operates Naukri.com and 99acres.com among others, is an early investor in Policybazaar. The insurance company’s CEO Yashish Dahiya had said last year that the company plans to go for an initial public offering before September 2021. Earlier this month, Bloomberg reported that Policybazaar is planning to file a draft prospectus as soon as next month for an IPO that could raise $500 million.

PB Fintech, earlier called Etechaces Marketing and Consulting, was founded in 2008 by Yashish Dahiya and Alok Bansal. Apart from Policybazaar, the company runs a call centre service, online doctor consultation service Docprime Technologies, Paisabazaar, and Accurex Marketing and Consulting.

In the regulatory filing, InfoEdge said the amalgamation will streamline corporate structure, pool both companies’ resources, significantly reduce multiplicity of legal and regulatory compliances currently required by both companies, rationalise costs, and reduce administrative responsibilities. Makesense Technologies operates in placement consultancy, personnel recruitment, staffing, professional hiring and management consultancy.

59,750 equity shares of face value INR 2 each, fully paid up and 60,030 compulsorily convertible preference shares of face value INR 20 each, fully paid up of the Transferee Company in the proportion of the number of equity shares held by the shareholders in the Transferor Company.

Upon the scheme of amalgamation coming into effect, PB Fintech will allot its shares on a proportionate basis to shareholders of Makesense Technologies. According to the regulatory filing, PB Fintech posted a total income of Rs 147.99 crore with a net worth of Rs 2,042.90 crore for the financial year ended March 31, 2020.

Advertisement. Scroll to continue reading.

Earlier this month, private equity fund True North partially exited the firm, selling off its holding in Policybazaar to five independent buyers, including vaccine maker Serum Institute of India. The four others are Ashoka India Equity Investment Trust Plc, Triumph Global Holdings Pvt. Limited, IIFL Special Opportunities Fund Series 8, and India Acorn Fund Ltd.

Last month, New York based private equity firm Falcon Edge invested close to $75 million in PolicyBazaar’s UAE arm to fuel its expansion in West Asia.

In November 2020, Info Edge, had said that Policybazaar was preparing itself for an IPO. Info Edge’s CFO Chintan Thakkar had said that a company’s journey from start-up to IPO is quite long and one needs to be prepared for it. Talking about both PolicyBazaar and Zomato, he had said that “there is definitely an intention behind it [the IPO], but when it will happen is a premature question to answer,” he said. The focus then was to assess whether a company is ready, “so that when you finally decide that you want to go for it, we will go for it”.

Also read 

You May Also Like


PolicyBazaar’s UAE arm has raised $75 million from Falcon Edge Capital as it looks to expand its presence in the UAE and Middle East,...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ