VC fund Tiger Global Management sold 3.57% stake in Policybazaar’s parent firm PB Fintech through the open market.
The venture capital fund raised just under INR 606 Cr by selling 1.6 Cr shares for INR 374.09 to INR 388.34 each. Through its funds Tiger Global Eight Holdings and Internet Fund III, Tiger Global held a 7.1% stake as of Q2 FY23. In the open market, the former sold a stake worth 2.84% and the latter sold a stake worth 0.73%. In November 2021, PB Fintech listed at INR 1,150, and since then, it has destroyed almost 60% of investor wealth.
