Gurgaon-based ETechAces Marketing and Consulting Pvt. Ltd. (“Policybazaar Group”), the parent of online portals – PolicyBazaar and PaisaBazaar, has secured about $152 million (Rs 1,059.4 crore) in the first tranche of its Series F funding round, led by Japan’s SoftBank Vision Fund, according to the company’s filings with the Registrar of Companies (RoC) sourced by paper.vc.
The capital infusion also saw participation from InfoEdge via its subsidiary Diphda Internet Services, private equity firm True North, and Startup Holding. SVF India Holdings (Cayman) Limited (Soft Bank), a wholly owned subsidiary of SoftBank Vision Fund L.P. has invested about $68 million (Rs 473.27 crore) by subscribing to 10,371 Series F cumulative compulsory convertible preference shares (CCCPS) and five equity shares worth Rs 4,56,345 each of EtechAces.
Diphda Internet Services has injected about $59.3 million (Rs 413.59 crore) by subscribing to 9,059 Series F CCCPS and four equity shares, while True North has purchased 3,775 CCCPS and one equity share for an investment of $24.8 million (Rs 172.27 crore) in the company. Last year in June, the PolicyBazaar parent had announced a fundraise of over $200 million in Series F round.
In July, Singapore government-backed investment firm Temasek and Info Edge (India) Ltd co-invested $27.6 million (Rs 190.5 crore) in EtechAces. The company also counts New York investment firm Tiger Global Management, PremjiInvest of Wipro’s Azim Premzi, Chiratae Ventures and Inventus Capital Partners among its investors.
Founded in 2008, by Alok Bansal and Yashish Dahiya, Poicybazaar group has so far raised a total of about $347 Mn in funding over seven rounds including the latest one.
Last year the company had launched healthtech platform, docprime.com, and also forayed into the UAE market, with the launch of its new venture, Policybazaar.ae, an online financial products marketplace, that would list insurance and lending products on its platform.
Notably, Paisabazaar, an online marketplace for all lending and investment products, is a venture spun out of Policybazaar. Policybazaar has till raised about $150 million in six separate funding rounds.
Source – DealStreetAsia
Like this content? Sign up for our daily newsletter to get latest updates.
This site uses Akismet to reduce spam. Learn how your comment data is processed.
We Dont Spam !