PB Fintech, the owner of Policybazaar and Paisabazaar, said on December 13 that it will acquire Gurugram-based loan marketplace MyLoanCare for Rs 40.41 crore.
The acquisition will be completed in six months in two stages, PB Fintech said in an exchange filing. In the first tranche, it will acquire 25 percent of shares of MyLoanCare and will increase the stake further to 70.10 percent through primary allotment.
The company has also established a wholly-owned subsidiary to become an account aggregator, which will supplement the lending marketplace business.
“The incorporation will leverage the facility without external dependency on another Account Aggregators for information gathering, cost-saving/revenue housing and offer seamless solutions,” the filing said.