PB Fintech Limited has submitted the Monitoring Agency Report for the quarter ended March 31, 2026, confirming no deviation in the utilization of IPO proceeds. Issued by ICICI Bank Limited, the report verifies that the funds have been applied strictly in accordance with the objects stated in the Offer Document. The disclosure, signed by Company Secretary and Compliance Officer Bhasker Joshi, was reviewed by the Audit Committee on May 06, 2026.

IPO Fund Raising Details

The company raised funds through a public issue that opened on November 1, 2021, and closed on November 3, 2021. Trading approval was received from NSE and BSE on November 12, 2021. The total issue size was INR 57,097.15 million, comprising a fresh issue and an offer for sale.

Object-wise Utilisation of Funds

The following table details the object-wise utilisation of the fresh issue proceeds (net of offer expenses) as at the end of the quarter ended March 31, 2026. The total revised allocation for the fresh issue stood at INR 36,126.85 million, which has been fully utilized.

Key Utilisation Notes

During the quarter ended March 31, 2026, the company utilized INR 1,902.04 million and INR 0.03 million through its subsidiaries Policybazaar Insurance Brokers Private Limited and Paisabazaar Marketing and Consulting Private Limited, respectively. Additionally, an overseas investment of INR 309.21 million was made in equity shares of M/s Genesis Group Limited via its wholly-owned subsidiary Icall Support Services Private Limited to support expansion outside India.

Modifications to the original allocations were approved by shareholders via special resolution on March 16, 2025. These included redirecting unutilized proceeds from strategic investments and international expansion towards new growth initiatives. The timeline for utilizing these funds was extended until March 31, 2026. The Monitoring Agency confirmed that all statutory approvals were obtained and no material deviations were observed.

PB Fintech Limited has informed stock exchanges about a significant tax development affecting its subsidiary. The company disclosed that Paisabazaar Marketing and Consulting Private Limited, its wholly owned subsidiary, received an Income Tax order confirming substantial disallowances across two financial years.

Tax Authority Confirmation Details

The Commissioner of Income Tax (Appeals), Delhi-23, issued an order under Section 250 of the Income Tax Act, 1961, dated April 30, 2026. This order confirmed the disallowances previously made by the Assessing Officer under Section 37 of the Act.

Regulatory Compliance and Disclosure

The disclosure was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This follows previous communications dated April 01, 2025, and May 03, 2025, indicating ongoing regulatory compliance regarding this matter. The disclosure has been hosted on the company's website at www.pbfintech.in as part of regulatory compliance requirements.

Brought Forward Loss Set-Off Development

In a positive development, the CIT(A) acknowledged Paisabazaar's claim regarding set-off of brought forward losses. The authority stated that the claim was "prima facie correct" and directed the Assessing Officer to verify and allow the set-off as per law while recomputing the total income.

Company's Response and Financial Impact

PB Fintech has indicated that Paisabazaar will file appeals against the CIT(A) orders in due course, as these orders are appealable under the Income Tax Act. The company has specifically stated that there is no financial impact at this point in time, given the appealable nature of the orders.

This development represents a significant regulatory matter for PB Fintech's subsidiary operations, though the company maintains that the appealable nature of the orders mitigates immediate financial implications.

Key Information Summary