Policybazaar co-founder and CEO Yashish Dahiya / Photo credit: PolicyBazaar
Temasek has exited its investment in India-based PB Fintech, the parent firm of insurance marketplace Policybazaar, for nearly US$290 million.
According to a filing with Indian stock exchange BSE, Temasek via Claymore Investments Mauritius has divested over 24 million shares at 992.8 rupees (US$11.9) apiece.
Temasek held a 5.42% stake in the insurance platform.
The investment firm had said in 2023 that it was looking to invest nearly US$10 billion in India’s consumer retail, healthcare, and environment-friendly businesses over the next three years. Temasek’s prominent bets in India include Lenskart, PharmEasy, and Info Edge.
PB Fintech had recently posted its first quarterly profit of US$4.4 million as demand for insurance bolstered revenue during the December 2023 quarter. After the results, SoftBank and Premji Invest also divested from the company.
Recently, Temasek also sold an 8% stake in Manipal Health Enterprises, an India-based healthcare chain.
See also: Staff departures, write-offs at Temasek startups uncover deeper issues
Currency converted from Indian rupee to US dollar: US$1 = 83 rupees.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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