PolicyBazaar News: PolicyBazaar Revamps Its Upper Deck, Elevates Alok Bansal to Executive Vice President

Bengaluru: PB Fintech, the parent company of insurance marketplace PolicyBazaar, has elevated co-founder and chief financial officer (CFO) Alok Bansal to executive vice president and invested more in its insurance brokerage arm, he said. declared in a stock exchange file.

Bansal will step down as chief financial officer on May 2 and will be replaced by Mandeep Mehta, former executive vice president of finance at Max Life Insurance. Manoj Sharma, another PolicyBazaar co-founder who previously served as chief financial officer, was elevated to deputy chief financial officer on April 26.

Bansal will now lead inorganic growth and investment opportunities for PolicyBazaar Group while managing its investor relations.

The company also informed the exchanges that Sharat Dhall, COO of its direct insurance brokerage arm, Policybazaar Insurance Brokers, has resigned from the company and Kheadup Dorji Bhutia is elevated to sales manager.

In another set of filings, PB Fintech also told exchanges that it had invested Rs 449 crore in Policybazaar Insurance Brokers as part of its earlier commitment to invest Rs 700 crore in the entity.

“This investment allows the Company to strengthen the financial health of its aforementioned wholly-owned subsidiary to meet its general operating expenses and improve brand awareness, office presence and strategic initiatives,” said PB Fintech in docs.

Discover the stories that interest you

In-Game Acquisitions

On April 26, the company’s board also approved the merger of Makesense Technologies, a public subsidiary of Info Edge, with PB Fintech. Makesense provides employment consulting, personnel recruitment, staffing and professional recruitment services to businesses and organizations.

As part of the agreement, PB Fintech will issue and allot 5.98 crore shares to Makesense shareholders on a pro rata basis.

The merger will help streamline the corporate structure, pool resources between the two companies and significantly reduce their compliance burdens, the filing says.

As of December 31, 2021, PB Fintech’s annual revenue stood at Rs 72.05 crore, according to filings. It has yet to release its final quarter results for FY22.

PB Fintech also informed the exchanges that the Reserve Bank of India (RBI) granted it permission on April 25 to acquire more shares in the Gurugram-based lending market and non-banking finance company (NBFC) MyLoanCare. ventures. In December 2021, PB Fintech said it planned to acquire NBFC.

With central bank approval, PB Fintech will now increase its stake in MyLoanCare to 70.10% from 24.93% and invest another Rs 36.6 crore. He will appoint co-founder Sharma and PolicyBazaar chairman Rajiv Kumar Gupta to MyLoanCare’s board of directors.

Stay on top of tech news and startups that matter. Subscribe to our daily newsletter for the latest must-have tech news, delivered straight to your inbox.

Aubrey L. Morgan