PB Fintech to acquire 100% stake in Genesis Group, plans divestments in Visit Health and Visit Internet

PB Fintech, the parent company of Policybazaar, has given the nod to three proposals. Firstly, PB Fintech is set to acquire a 100% stake in Genesis Group, a company with 49% ownership in Genesis Insurance Brokers LLC.

Simultaneously, PB Fintech will divest 29% of its holdings in Visit Health, currently under the umbrella of Docprime Tech, a wholly-owned subsidiary of PB Fintech.

This divestment will be valued at ₹76 crore.

Furthermore, PB Fintech will make a divestment of ₹2 crore in Visit Internet.

Last month, ICICI Lombard, a private insurance major, announced a strategic partnership with PB Fintech.

Under this collaboration, ICICI Lombard said it will offer its diverse range of insurance products on the Policybazaar platform.

Additionally, PB Fintech revealed the incorporation of a subsidiary unit named PB Pay Private Limited.

PB Pay has been established to facilitate the business of payment aggregation, with an initial paid-up capital of ₹27 crore, PB Fintech said.

In March, PB Pay was incorporated by the promoters of PB Fintech. The subsidiary was conceptualised to operate as a payment aggregator, aiming to tap into emerging opportunities in the digital payment ecosystem.