NCLT Chandigarh approved the merger of Makesense Technologies with PB Fintech, with dissolution of the former without winding up
Info Edge has a 50.01% stake in Makesense Technologies, with the remaining 49.99% stake held by Temasek subsidiary
The NCLT’s nod comes nearly four years after Info Edge first proposed it in 2021
The National Company Law Tribunal (NCLT) has approved the amalgamation of Info Edge’s subsidiary Makesense Technologies Ltd with fintech major PB Fintech, with the effective date set as April 1, 2022.
In an order dated August 29, the Chandigarh bench of the NCLT allowed the amalgamation without the process of winding up, as part of broader streamlining of Info Edge’s corporate structure.
Notably, Makesense Technologies held a 13.04% stake in PB Fintech at the end of June 2025. Upon amalgamation, the shareholders of Makesense Technologies will be issued the corresponding number of shares of PB Fintech directly.
Currently, Info Edge owns a stake in PB Fintech via Makesense Technologies and its other subsidiaries – Diphda Internet Services Ltd and Startup Investments (Holding) Limited. It is pertinent to note that Info Edge has a 50.01% stake in Makesense Technologies, with the remaining 49.99% stake held by MacRitchie Investments Pte Ltd, an indirect wholly-owned subsidiary of Temasek.
Overall, excluding MacRitchie Investments’s stake in PB Fintech via Makesense Technologies, Info Edge owns 12.52% stake in the fintech major.
The NCLT’s nod comes nearly four years after Info Edge first proposed it in 2021. Both Info Edge and PB Fintech received the approval of their respective boards for the scheme. However, PB Fintech decided not to proceed ahead with it, citing the best interest of the company and its shareholders, and filed a withdrawal application in the NCLT. However, in April 2022, the fintech company again proposed the amalgamation with MakeSense Technologies and received the approval of its board.
Since then, PB Fintech’s business has grown by leaps and bounds. The company, which operates PolicyBazaar and PaisaBazaar, reported a jump of 41% in its consolidated net profit for Q1 FY26 to INR 84.7 Cr from INR 60 Cr in the year-ago quarter. Operating revenue grew 34% YoY to INR 1,348 Cr during the quarter.
The company is also looking to expand its business by entering the healthcare space. Its healthcare subsidiary, PB Healthcare Services Pvt Ltd, bagged $218 Mn in its seed funding round led by General Catalyst.
Meanwhile, Info Edge continues to bet on new-age tech startups. Earlier this year, it received its board’s nod to invest up to INR 1,000 Cr in IE Venture Investment Fund III, a scheme to be launched by Karkardooma Trust.
In a letter to its shareholders in May, Info Edge said it has seen 9X growth on startup investments with an estimated gross internal rate of return (IRR) of 36%. The company disclosed that it has invested a total capital of INR 3,959.16 Cr via its platform and other LPs, and this investment stood at a fair market value of INR 36,855.40 Cr then.