PB Fintech Ltd, a financial services platform, has made a further investment of ₹350 crore in its wholly-owned subsidiary, Policybazaar Insurance Brokers Pvt Ltd (Policybazaar).

The present investment would allow the company to strengthen the financial health of Policybazaar to meet general operating expenses and enhance brand awareness, office presence, and strategic initiatives, PB Fintech said in a filing with the stock exchanges.

Against the investment of ₹350 crore, Policybazaar has allotted 58.04 lakh shares of ₹10 each at a premium of ₹593 per share to PB Fintech, the regulatory filing showed.

PB Fintech has said that the overall funds will be infused in one or more tranches across the financial years 2023-2024 and 2024-2025.

Policybazaar was incorporated on September 15, 2014, and is engaged in the business of Insurance Broker Direct (Life and General). It recorded a turnover of ₹1,267.85 crore in 2022-23, compared to ₹789.53 crore in the previous fiscal.

PB Fintech had announced in December 2021 that it would invest up to ₹700 crore in Policybazaar in one or more tranches during the financial years 2022 and 2023. It also announced an investment of ₹230 crore in Paisabazaar Marketing and Consulting, a digital marketplace for consumer credit.

PB Fintech’s shares had closed at ₹817.10 at NSE on Friday. It continues to trade below its IPO issue price of ₹ 980 having listed itself in the bourses in November 2021.