- Softbank has sold shares in PB Fintech worth Rs 914 crore, following a previous sale in October that saw 2.54% of its stake in the company offloaded for Rs 871.2 crore.
- In its second quarterly results, PB Fintech reported a loss reduction of 89% from the previous year down to Rs 21 crore, while its topline grew by 42% year-on-year, reaching Rs 812 crore.
Japanese multinational conglomerate Softbank has offloaded PB Fintech shares worth Rs 914 crore, according to a report from Moneycontrol News. This follows an earlier sale in October, when Softbank sold a 2.54% stake, or 1.14 crore shares, in PB Fintech for Rs 871.2 crore.
PB Fintech is an Indian-based company that provides a range of financial services, including loans, insurance and investing, through its online platform.
In the second quarter, PB Fintech displayed significant financial growth. Its losses fell by 89% as compared to the previous year, dropping to Rs 21 crore. The company’s topline also rose by 42% year-on-year to Rs 812 crore.
Softbank’s selling off of holdings is seen as a move to realize some of its long-term investments in these companies. However, the sale has also raised questions about its faith in PB Fintech’s performance and success, particularly given the significant losses reported in the previous financial year.
Despite its reduced losses and increased topline, PB Fintech still faces challenges as competition increases in the Indian fintech industry. The company will likely need to continue implementing strategies for revenue growth and cost reduction moving forward.
