Japanese conglomerate SoftBank Group is looking to divest a 5% holding worth INR10bn in PB Fintech, the parent of Indian online insurance aggregator Policybazaar.

This will be carried out through a block deal, with a base price of INR440 a share.

Citi is the sole broker to the transaction, reported Reuters.

SoftBank holds a stake of over 10% in credit comparison portal PB Fintech via its two units.

The shares will be sold by one of these units, SVF India Holdings, according to a CNBC-TV18 tweet.

This news was not confirmed by either SoftBank or PB Fintech.

In addition to SoftBank, PB Fintech is backed by Info Edge, Premji Invest, Temasek, Ribbit Capital, Steadview, Chiratae, Inventus Capital Partners, True North, Tiger Global, and Wellington.

Last year in June, Policybazaar secured the regulatory clearance to operate as an insurance broker in India. 

This allows the firm to provide claims assistance, offline services, and establish points of presence network. 

In August last year, Policybazaar filed its draft red herring prospectus for its initial public offering (IPO).

Earlier in 2021, private equity firm True North sold a portion of its stake in Policybazaar to five independent buyers.

The buyers were Ashoka India Equity Investment Trust, Triumph Global Holdings, Serum Institute of India (SII), IIFL Special Opportunities Fund Series 8 and India Acorn Fund.