SBI Life has bought around 38 lakh shares at Rs 490 per share in the non-banking financial firm Paisalo Digital.

Santanu Agarwal, Deputy CEO of Paisalo Digital in an interview to CNBC-TV18 said, “This is a transaction between two investors; one of our investors in SBI Life. So, that is the nature of the transaction.”

On the overall business, Agarwal said that their CAGR pre-COVID for the past 10 years is about 58 percent. Their current assets under management (AUM) stands at Rs 2,300 crore against profit after tax (PAT) of about Rs 54 crore for FY20.

He also said that Paisalo Digital has partnered with State Bank of India (SBI) for NBFC-bank co-origination model.

“The company has signed the country’s first co-origination agreement with SBI in April 2019. We were able to create a digital platform and start disbursements under the co-origination platform by October 2019. So, we see a massive a potential there because we are doing quite a lot of disbursements in that space on a regular basis,” he said.

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(Edited by : Ajay Vaishnav)