Etechaces Marketing and Consulting, which owns and operates online insurance policy aggregator PolicyBazaar, has raised over $200 million in series F round led by SoftBank Vision Fund with participation from existing investors InfoEdge (Naukri.com).
“We are very pleased to welcome Softbank Vision Fund on board as our stakeholder. SoftBank’s culture of backing disruptive businesses and industry leaders with long-term capital investment gels well with our own values and vision of creating a transparent and empowering financial products marketplace. We hope to gain a lot from their global footprint and experience,” EtechAces, cofounder & group CEO, Yashish Dahiya. ETechAces also owns an online lending marketplace, PaisaBazaar.com.
PolicyBazaar, which was founded in 2008, claims to clock around 300,000 transactions on a monthly basis. The company hosts over 100 million visitors yearly and records sale of nearly 300,000 transactions a month.
The company had last raised funds in October 2017 led by global asset management firm Wellington Management, private equity firm True North and IDG Ventures India, which valued the company at about $500 million.
Gurgaon-based EtechAces is also entering healthcare technology and services segment and has set aside about $100 million (Rs 649.80 crore) towards the new venture. The company is also in discussions to make its first ever acquisition, likely in the reinsurance space, and has earmarked about Rs 500 crore to finance buyouts and other strategic initiatives, according to a report published by ET.
The SoftBank Vision Fund, the world's biggest private-equity fund, has also invested in Indian cab-hailing firm Ola.
“We believe that the Indian insurance market continues to remain massively under-developed and PolicyBazaar, supported by SoftBank’s capital and ecosystem, is uniquely positioned to dramatically increase the adoption of insurance products in the country,” SoftBank Investment Advisers, partner, Munish Varma said.