Bansal will step down as CFO on May 2 and will be succeeded by Mandeep Mehta, former executive vice president of finance at Max Life Insurance. Manoj Sharma, another cofounder of PolicyBazaar who was earlier the director of finance, has been elevated to deputy chief financial officer as of April 26.
Bansal will now lead inorganic growth and investment opportunities for the PolicyBazaar group while managing its investor relations.
The company also informed the exchanges that Sharat Dhall, chief operating officer of its direct insurance broking arm, Policybazaar Insurance Brokers, has resigned from the company and that Kheadup Dorji Bhutia is being elevated to chief sales officer.
In another set of filings, PB Fintech also told the exchanges it has invested Rs 449 crore in Policybazaar Insurance Brokers as a part of its earlier commitment to invest Rs 700 crore in the entity.
“The present Investment allows the company to strengthen the financial health of its mentioned wholly owned subsidiary to meet its general operating expenses and enhance brand awareness, office presence and strategic initiatives,” PB Fintech said in the filings.
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Acquisitions in play
On April 26, the company’s board also approved the merger of Info Edge’s public subsidiary
Makesense Technologies with PB Fintech. Makesense provides placement consultancy, personnel recruitment, staffing, and professional hiring services to firms and organisations.
As a part of the deal, PB Fintech will issue and allot 5.98 crore shares to Makesense’s shareholders in proportion to their shareholding.
The amalgamation will help streamline the corporate structure, pool resources between the two companies, and significantly reduce their compliance burdens, the filing stated.
As of December 31, 2021, PB Fintech’s annual turnover stood at Rs 72.05 crore, according to the filings. It is yet to post its last-quarter results for FY22.
PB Fintech also informed the exchanges that the Reserve Bank of India (RBI) on April 25 granted it permission to acquire more shares in Gurugram-based loan marketplace and non-banking finance company (NBFC) MyLoanCare Ventures. In December 2021, PB Fintech said that it had plans to acquire the NBFC.
With approval from the central bank, PB Fintech will now increase its shareholding in MyLoanCare to 70.10% from 24.93% and invest another Rs 36.6 crore. It will appoint cofounder Sharma and PolicyBazaar president Rajiv Kumar Gupta to MyLoanCare’s board.
