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Singapore Investment Company Temasek and Info Edge (India) Ltd. co-invested $ 27.6 million (Rs 190.5 crore) into the parent entity from the online insurance sales platform PolicyBazaar perhaps as part of the $ 200 million financing around the start of India raised last month.
In a BSE deposit Thursday, Info Edge, the Naukri.com job parents portal, declared it with MacRitchie Investments a Temasek subsidiary, will invest respectively Rs.95.3 crore in MakeSense for a participation of 50.01 percent and 49.99 percent, which in turn will invest the aggregate of about Rs.190.5 crore in Etechaces for a participation of 3.50% held by Pl Opportunities Fund I (PIOF) on a fully diluted basis.
MakeSense is the subsidiary of Etechaces Marketing & Consulting, the parent company of PolicyBazaar and the PaisaBazaar.com loan market.
Consequence of the aforementioned Info Transaction will hold 50.01% of MakeSense and MakeSense will hold approximately 19.92% (including an existing 16.42% ownership interest) of Etechaces on a fully converted and diluted basis.
The purchase would help the company consolidate Last month, PolicyBazaar had raised $ 200 million (Rs 1,360 crore) in a Series F financing run by the Japanese Internet conglomerate SoftBank, with involvement of Edge Info. According to media reports, existing investors Temasek, Premji Invest and Tiger Global Management also invested in the tour. In a separate filing, Info Edge had stated that she and SoftBank had each invested $ 45 million in the joint venture for a total stake of 8.93%.
Etechaces Marketing and Consulting Pvt. Ltd began operations in 2008 through Policybazaar.com. The company helps users compare and buy online financial products, such as life insurance, general insurance, health insurance, and so on. It counts Temasek, Tiger Global Management, True North and Premji Invest among the existing investors
Rs 358.27 crore of turnover for the fiscal year ending in March 2018, up from Rs 212, 87 crore in 2016-17 and Rs 109.54 crore in 2015-16. It competes with BankBazaar, a newcomer to Sequoia Capital, which recently raised $ 22 million, in addition to Digit Insurance, a subsidiary of Fairfax Financial Holdings, and Acko, which raised $ 12 million from 39, Amazon last May.
See also:
PolicyBazaar emerges as the last unicorn of India with $ 200 million in funding
India: Policybazaar postpones list, parent introduced into health care sector
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