Bansal will step down as CFO on May 2 and succeed him Mandeep Mehta, former executive vice president of finance at Max Life Insurance. Manoj Sharma, another PolicyBazaar co-founder who was previously the finance director, has been appointed deputy chief financial officer since April 26.
Bansal will now drive inorganic growth and investment opportunities for the PolicyBazaar Group as it manages its investor relations.
The company also informed the exchanges that Sharat Dhall, chief operating officer of its direct insurance brokerage arm, Policybazaar insurance agentshe resigned from the company and so on Kheadup Dorji Bhutia he is elevated to sales manager.
In another set of documents, PB Fintech also told exchanges that it invested Rs 449 crore into Policybazaar Insurance Brokers as part of its previous commitment to invest Rs 700 crore into the entity.
“The current investment allows the company to strengthen the financial strength 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 the documents.
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Acquisitions at stake
On April 26, the company’s board of directors also approved the merger of Info Edge’s public subsidiary
Makesense Technologies with PB Fintech. Makesense provides consultancy services on placement, staffing, staffing and professional recruitment to companies and organizations.
As part of the agreement, PB Fintech will issue and allocate 5.98 crore of shares to Makesense shareholders in proportion to their holding.
The merger will help streamline the business 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 turnover was Rs 72.05 crore, according to the documents. Has yet to publish last quarter results for FY 22.
PB Fintech also informed exchanges that the Reserve Bank of India (RBI) on April 25 granted it permission to acquire more shares in the Gurugram-based loan market and non-bank finance company (NBFC) MyLoanCare Ventures. In December 2021, PB Fintech said it plans to acquire the NBFC.
With the approval of the central bank, 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 president Rajiv Kumar Gupta to the board of MyLoanCare.