PB Fintech board approves incorporation of a healthcare subsidiary

PB Fintech, the parent company of Policybazaar, on Tuesday said that its board of directors has given approval to incorporate a healthcare subsidiary which will undertake healthcare and allied services. The required approvals will be taken by the entity as and when required.

 

As per an exchange filing, “…the Board of Directors of PB Fintech Limited (“Company”) through a circular resolution passed on December 03, 2024 has approved the incorporation of the wholly owned subsidiary (“WOS”) with the proposed name “PB Healthcare Private Limited” or “PB Healthcare Services Private Limited” or any other name as may be approved by the Ministry of Corporate Affairs, Government of India to carry on the business of healthcare services.”

 

The company along with its nominee(s) will initially subscribe to 50,000 equity shares at face value of Rs 10 each.

 

The application for the process of incorporation of the wholly-owned subsidiary will be filed and will be completed subject to approvals from the relevant authorities including but not limited to the Registrar of Companies.

 

The company had reported a net profit of Rs 51 crore in the July-September quarter of FY25, compared to a net loss of Rs 21.11 crore in the year ago period. The company’s total insurance premium was Rs 5450 crore for the quarter, driven by 69 per cent year-on-year (Y-o-Y) growth in the new health and life insurance business.