GST officials conduct search operations at Policybazaar office

The Directorate of GST Intelligence conducted search operations at financial services company PB Fintech on January 13, the firm said in a filing with the stock exchanges today.

Officials from the Gurugram office searched the premises of PB Fintech with regard to some vendors of one of its wholly owned subsidiaries, the company said. No further details were revealed by the firm.

“The company has provided the information required by the GST officials and shall continue to provide any further details or information that might be required by the department in future,” it said.


People in the know said that the raids were connected to some vendors who work with PB Partners, the offline insurance distribution business of Policybazaar. PB Fintech owns and operates two major businesses, insurance distribution platform Policybazaar and credit distribution platform Paisabazaar.

PB Partners is the offline insurance distribution business of Policybazaar. It has around 250,000 agents who sell insurance policies to their customers via Policybazaar.

The Gurugram-based firm added that there is no financial impact of the raids on the company as of now.

The shares of PB Fintech closed at Rs 1,763, up 1.05% on the BSE today.