Policybazaar's parent company, PB Fintech, announced that its board of directors has approved the incorporation of a healthcare subsidiary to provide healthcare and allied services. The entity will obtain the necessary permissions as they are required.
According to an exchange filing, the Board of Directors of PB Fintech Limited approved the incorporation of a wholly owned subsidiary with the proposed name "PB Healthcare Private Limited" or "PB Healthcare Services Private Limited" or any other name approved by the Ministry of Corporate Affairs, Government of India to carry on the business of healthcare services. The resolution was passed on December 03, 2024.
The corporation and its nominees shall initially subscribe for 50,000 equity shares at a face value of Rs 10 each.
The application for the creation of the wholly-owned subsidiary will be filed and completed subject to permission from the applicable authorities, including the Registrar of Companies.
The company reported a net profit of Rs 51 crore in the July-September quarter of FY25, up from a net loss of Rs 21.11 crore in the previous year. The company's overall insurance premium for the quarter was Rs 5450 crore, driven by a 69% year-on-year increase in the new health and life insurance businesses.
