PB fintech, an online platform offering non-life and life insurance expanded its Employee Stock Option Plan by adding fresh Employee stock options to its existing employee stock options. These newly allocated shares are worth around 233 million USD. The company offers insurance solutions for car damage, death, and diseases. The startup offers a digital lending platform to connect individuals with businesses and provide them with risk management models, underwriting solutions, and fraud detection.
The company mentioned in a regulatory filing that the board members passed a resolution to allot 1,14,00,000 employee stock options in its new and existing plans to expand the total employee stock ownership plan pool size. The newly added employee stock under the Employee Stock Ownership Plan 2024 can only be vested after four years. PB Fintech provided Rs 1,931 crore worth of new stock options to its Employee Stock Ownership Plan. The ESOP pool was expanded for its employees to gain new employees, directors, and subsidiaries. This expansion of ESOP size will enable the company to hire new talents and enhance productivity. PB Fintech raised $75 million in its series G funding round from Alpha Wave Global.
PB Fintech provides an online lending and insurance platform to strengthen the lending market and transform the financial landscape while building a transparent and responsible platform for everyone. The data intelligence platform, tracxn reported that the company has secured over 443 million USD across multiple funding rounds since its inception. PB Fintech is a parent company of PolicyBazaar and PaisaBazzar. The fintech firm got listed on BSE after its market capitalization at Initial Public offering crossed 4.91 billion. The insurance platform faces competition from companies including InsuranceDekho, and RevewBuy.
The fintech platform reported a revenue of Rs 1,010 crore with a profit of Rs 60 crore in the first quarter of this fiscal year. The company announced a 34.4 percent YoY increase in revenue to Rs 3,438 crore in FY24. The board approved granting these stock options to those under the PB Fintech employee stock option scheme. Many companies expanded their ESOP pool size to enhance their workforce and efficiency to employees including Paytm, Delhivery, Zomato, and TBO Tek. The ESOP approval news followed the increase in share price to Rs 1,763 on August 20 and it currently has a market capitalization of $9.3 billion.
Conclusion:
PB Fintech announced the allocation of its new fresh employee stock option Plan to its existing ESOP. These newly allocated stock options are worth around 233 million USD. The fintech platform offers an online marketplace to provide financial and insurance solutions. The company provides insurance for damage protection, medical, and death. The regulatory filing mentioned that the board passed a resolution to allot 1,14,00,000 employee stock options to its new and existing plans for employees, subsidiaries, and directors. The startup has 56 institutional investors including Info Edge, Tecent, Accel, and Soft Bank Vision Fund, among others. The development came when various companies were expanding their ESOP pool size.
