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Investments

SoftBank exits PB Fintech with 3X returns, nets $100 mn from dead Grofers bet

Nikhil Patwardhan

January 17, 2024 | 4 Min Read

January 17, 2024 | 4 Min Read

SoftBank continues its recent streak of exits, cashing out of insurance aggregator platform PB Fintech and foodtech leader Zomato

SoftBank Group has fully divested from insurtech platform Policybazaar (PB Fintech Ltd), yielding a more than three-fold return on its investment in another lucrative exit for the Japanese investment conglomerate.

SoftBank, which held a 4.39% stake in PB Fintech as of September 30, 2023, sold its entire stake via block deals and open market transactions, a person with direct knowledge of the matter told The CapTable on condition of anonymity. The Masayoshi Son-led investment giant invested about $199 million over the years into the insurance aggregator platform and exited the company with more than $630 million for its troubles, the person added.

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