Online insurance aggregator, PolicyBazaar along with online financial marketplace PaisaBazaar, has raised $238 million (or Rs 1,600 crore) in equity financing led by Japanese tech and telecoms conglomerate SoftBank Group’s Vision Fund.
The existing investors including Info Edge, which owns Naukri.com also participated in this Series F round. The announcement comes after about six months of negotiations between the Tokyo-headquartered SoftBank and Gurgaon-based ETechAces Marketing and Consulting, which owns and operates PolicyBazaar and Paisa-Bazaar.
ALSO READ: What not do when pitching to venture capitalists; read here
SoftBank, which channeled its investment through its $93 billion Vision Fund, will own an estimated 15% of ETechAces, having invested about $150 million in the company.
The SoftBank Vision Fund, the world’s biggest private-equity fund, has also invested in other Indian companies including cab-hailing firm Ola.
PolicyBazaar, which was founded in 2008, said it currently accounts for nearly a quarter of India’s life cover, and more than 7 percent of the retail health business.
Click here for Latest News updates and viral videos on our AI-powered smart news genie