PB Fintech acquires Visit Internet Services for Rs 22 cr

January 15,2022

PB Fintech — parent of online insurance and credit comparison platforms Policybazaar and Paisabazaar — said that it has acquired VISPL for Rs 22.41 crore. The acquisition was done through PB Fintech's subsidiary Docprime Technologies.

The acquisition will be completed in two tranches. Docprime Technologies acquired a 98.40% stake in VISPL on 14 January 2022 through acquisition of shares from its existing shareholders. It will increase the stake to 100% by early February 2022 through secondary acquisition of preference shares from existing shareholders of VISPL.

VISPL provides on-demand tele-healthcare services through web and mobile applications, by connecting healthcare providers and help seekers through the use of technology.

VISPL posted a turnover of Rs 76.48 lakh in FY21, up from Rs 1.80 lakh in FY20.

In December 2021, PB Fintech announced the acquisition of a majority stake in Gurugram-based loan marketplace MyLoanCare for Rs 40.41 crore.

PB Fintech was listed on the stock exchanges on 15 November 2021 at Rs 1150, a premium of 17.35% to the issue price of Rs 980. The initial public offer (IPO) of PB Fintech received was subscribed 16.58 times. The issue opened for bidding on 1 November and it closed on 3 November. The price band of the IPO was fixed at Rs 940-980 per share.

PB Fintech, owner of Policybazaar and Paisabazaar platforms, is India's largest online platform for insurance and lending products leveraging the power of technology, data, and innovation. It provides convenient access to insurance, credit and other financial products and aims to create awareness amongst Indian households about the financial impact of death, disease, and damage.

PB Fintech reported a net loss of Rs 110.84 crore and sales of Rs 237.73 crore in the quarter ended on 30 June 2021.

Shares of PB Fintech rose 2.54% to Rs 941.60 on Friday, 14 January 2022.

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