Temasek has sold its nearly US $290 million stake in PB Fintech, an Indian insurance marketplace. PB Fintech is the parent company of Policybazaar.
Temasek, through Claymore Investments Mauritius, has divested over 24 million shares at a price of 992.8 rupees (US $11.9) each, as per a filing with the Indian stock exchange BSE.
The insurance platform was owned by Temasek to the tune of 5.42%.
The investment firm had stated in 2023 that over the following three years, it aimed to invest close to US $10 billion in consumer retail, healthcare, and environmentally friendly companies in India. In India, Temasek has made significant investments in Lenskart, PharmEasy, and Info Edge.
The December 2023 quarter saw PB Fintech report its first quarterly profit of US $4.4 million, driven by increased insurance demand. SoftBank and Premji Invest withdrew from the company following the results.
Temasek recently sold an additional 8% of the Indian healthcare chain Manipal Health Enterprises.
