Pol­i­cy­bazaar raises Rs500 cr from ex­ist­ing, new in­vestors

Mint ST - - CORPORATE - BY YUVRAJ MALIK yuvraj.m@livemint.com NEW DELHI

On­line fi­nan­cial ser­vices por­tal Pol­i­cy­bazaar, run by Etechaces Mar­ket­ing and Con­sult­ing Pvt. Ltd, has raised Rs500 crore, roughly $75 mil­lion, at a val­u­a­tion of $500 mil­lion from new and ex­ist­ing in­vestors, a top com­pany of­fi­cial said.

At least three new in­vestors, in­clud­ing True North and IDG Ven­ture Part­ners have come on board, chief ex­ec­u­tive Yashish Dahiya said.

He de­clined to name the third large in­vestor in the round cit­ing a con­fi­den­tial­ity agree­ment, but a per­son close to the de­vel­op­ment said it is Welling­ton Man­age­ment Group, a Bos­ton-based as­sets man­age­ment firm. Fol­low-on in­vestors Te­masek, Tiger Global Man­age­ment and Premji In­vest, along with a few oth­ers, par­tic­i­pated.

Mint re­ported in March that Pol­i­cy­bazaar was in talks to raise a pre-ipo (ini­tial pub­lic of­fer­ing) round from new and ex­ist­ing in­vestors. Till date the firm has raised over Rs410 crore, largely from In­foedge, Tiger Global and Premji In­vest. “We have just closed a Rs500 crore round at a val­u­a­tion of half a bil­lion dol­lars,” Dahiya told Mint over the phone. “The pri­mary rea­son for do­ing this was to in­vest heav­ily in cus­tomer ser­vice through tech­nol­ogy, and also in­vest in the Paisa Bazaar busi­ness. We are also likely to en­ter mu­tual funds.”

Pol­i­cy­bazaar launched Paisa Bazaar in 2014. The new en­tity houses its loans and credit cards busi­ness while Pol­i­cy­bazaar is for com­par­i­son and re-sale of in­sur­ance poli­cies.

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