The Chinese tech giant Tecent is a multi-media platform that sold 2.1 percent of its stake in the fintech firm PB Fintech. The company plans to sell the majority of the stake in the startup for Rs 1,610 crore in a block deal. The shares of PB Fintech increased by 3.5 percent to Rs 1,76.556 per share on the BSE, following the 2.1 percent equity shares announcement. Entrackr reported. Following this round, Tecent’s share in PB Fintech will reduce to 2.2 percent.
Tecent plans to sell its shares for Rs 1,660.2 per share with a discount of 4 percent compared to the last close at Rs 1,737.1 each share on the BSE. The tech major had 1.94 crore shares in the fintech platform at the end of June 2024 through its subsidiary Tecent Cloud Europe BV. Earlier, this year the company’s CEO Yanish Dahiya, and Vice Chairman Alok Bansal sold over 83.7 lakh shares in the firm for Rs 1,109 crore. The development came just when the PB fintech saw an increase in its shares to a new high of Rs 1,849 during intraday trade on 26th August. The shares of the fintech startup had a 115 percent YTD growth to more than 129 percent in the past 12 months. Inc42 reported.
PB Fintech provides several fintech services including insurance solutions for death, damage protection, and disease. The company claims to have an online comparison platform for non-insurance and insurance. The company uses advanced technologies to offer seamless user experience and personalized financial solutions. The platform also provides various financial products such as insurance, and loans. The lending and insurance platform has fraud detection, risk assessment models, and underwriting solutions.
The company reported a net profit of Rs 60 crore for the quarter that ended in June 2024. However, the revenue saw a 52 percent YoY increase to Rs 1,010 crore in the same duration. The startup has secured over 443 million USD across multiple funding rounds since its inception, including $75 million raised during a series G funding round led by Alpha Wave Global. The company has investors including Intel, Info Edge, and SoftBank Vision Fund. PB fintech faces competition from other fintech platforms including Policybazzar, and InsuranceDekho.
Conclusion
Tecent announced its plans to sell 1.94 crore PB fintech shares for Rs 1,610 crore. The fintech firm saw over a 3 percent increase in shares following this announcement of Tecent selling its 2.1 percent stake in a block deal. PB Fintech is an insurance and lending platform that provides insurance and non-insurance solutions. The holdings of Tecent will reduce by 2.2 percent, following this deal. The Fintech startup has raised around $443 million across all its funding rounds since its inception. The company competes with other lending platforms including InsuranceDekho and more. The stake for PB fintech was nearly 4.26 percent in the company at the end of June 2024. The development came just after PB Fintech saw a jump in its shares.
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