Finance company Policy Bazaar Fintech received approval from its board on Wednesday, to establish PB Pay Private Limited, a wholly-owned subsidiary of the company to operate as a payment aggregator.
The company aims to facilitate payment services both domestically and cross-border, subject to approval by the Reserve Bank of India (RBI), by facilitating offering merchants with offline and digital payment acceptance mediums.
PB Pay’s authorized share capital stands at ₹50 Crore ($6 million). Once the required authorities have approved the incorporation application, it will be filed and operate as a non-bank financial company.
Policy Bazaar has transitioned from a website for comparing policy prices to an insurance sales enterprise. The company claims to handle nearly 25% of India’s life insurance and over 7% of the country’s retail health insurance.
During 2017-2018, Policy Bazaar’s revenue climbed over threefold to ₹159.4 crore from ₹49.1 crore in 2016-2017, The IndianPreneur case study report stated as confirmed by YashishDahiya, Policy Bazaar’s Founder.
Policy Bazaar is an online life insurance and general insurance aggregator, founded in June 2008. The company is headquartered in Gurgaon, Haryana. It also provides a digital platform active on both, a website and an app, where users can compare financial services from major insurance companies.
At the point of conversion, $1 = ₹83.11
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