PB Fintech, a parent entity that operates insurance aggregator Policybazaar and credit marketplace Paisabazaar, has received Board approval to incorporate a wholly owned subsidiary (WOS) to carry on the business of healthcare services.
The WOS is proposed to be named “PB Healthcare Private Limited” or “PB Healthcare Services Private Limited” or any other name as may be approved by the Corporate Affairs Ministry (MCA), PB Fintech said in a regulatory filing with stock exchanges.
“… The board of directors of PB Fintech Limited through a circular resolution passed on December 03, 2024 has approved the incorporation of the wholly owned subsidiary… to carry on the business of healthcare services,” said the exchange filing.
Once incorporated, the proposed wholly owned subsidiary would be a related party to PB Fintech, the filing said. The initial paid up capital of WOS is likely to be ₹ 5 lakhs.
The Board approval comes two months after PB Fintech chairman and group CEO Yashish Dahiya reportedly said that the company is considering making a foray into the healthcare space and would make a one-time investment of $100 million to acquire a 30 percent stake in a new healthcare company.
At that time, he had said that PB Fintech would look to bridge the gap between hospitals and insurance companies.
In the second quarter ended September 30,2024, PB Fintech had reported a consolidated net profit of ₹ 51 crore as against a net loss of ₹ 20 crore in the same quarter last year.
Although this profit figure is lower than the ₹60 crore net profit recorded in the previous quarter, it marked the fourth consecutive profitable quarter for PB Fintech.