SoftBank totally exits Policybazaar mother or father fetching $650 million in returns

Japanese expertise investor SoftBank has totally exited PB Fintech, the mother or father of insurance coverage market PolicyBazaar, in line with folks conscious of the matter. SoftBank had invested near $200 million in PB Fintech and bought its remaining stake in a mid-December transaction for about Rs 914 crore (or $109 million). In complete, SoftBank has made round $650 million in returns on its complete funding within the Gurgaon-based insurance coverage aggregator. In December, SoftBank additionally made an exit from Zomato. It picked up a stake within the firm when the meals supply platform acquired Blinkit (previously Grofers) in 2022 in an all-stock deal.

That is in step with Masayoshi son-led SoftBank’s technique during the last 12 months or so the place it has been steadily diluting its holding by public market offers.

ET reported on January 2 saying Softbank bought stakes price $1.8-1.9 billion through the public choices and thru post-listing gross sales in 4 Indian startups — Paytm, Zomato, PB Fintech and Delhivery — that went public in 2021 and 2022. It had invested a complete of $2.3-2.4 billion in these 4 new-age firms.Based on PB Fintech’s shareholding construction as of September 30, 2023, SoftBank by Svf Python II (Cayman) Restricted, held 4.39% stake within the firm.

Mutual funds together with Franklin India and Mirae Asset continued to carry 7.83% stake in PB Fintech with Tencent and Steadview Capital being different main traders within the insurance coverage market.

Founders Alok Bansal and Yashish Dahiya held 1.67% and 4.64% stake in PB Fintech respectively, on the finish of September quarter.In 2024, SoftBank portfolio corporations corresponding to FirstCry, Ola Electrical and Swiggy are anticipated to hit the general public markets. FirstCry and Ola Electrical have already filed draft IPO papers in December.

SoftBank–among the many most influential expertise traders– has funded virtually a fifth of India’s over 100 unicorns or startups with valuations exceeding $1 billion. It has to date invested $15 billion within the nation.

Of this, $11 billion had been invested by SoftBank Imaginative and prescient Fund. The group invested the remaining $4 billion in sectors corresponding to renewable vitality and infrastructure.