Etechaces Marketing and Consulting, the holding company of insurance aggregator PolicyBazaar, is looking to raise $150 million as ‘buffer capital’ to deal with unforeseen events such as the current pandemic.
“Well, bad events do happen. Take, for instance, the COVID 19 crisis. It has not negatively impacted us since insurance sales have been up during this period. But if it had adversely impacted us, we would need the capital to continue our operations fearlessly without revenue for a period of time,” the company’s co-founder and chief executive Yashish Dahiya had told DealStreetAsia earlier this month.
The company recently made headlines for raising close to $130 million from Japanese investment behemoth Softbank, which was a part of its $200 million capital raise announced exactly two years ago.
The spokesperson of the company confirmed its proposed fundraising plans and said talks have been initiated with a slew of investors. “The fundraising process should be closed by the third quarter,” he added.
Talks to raise funds surface at a time when the company claims to be well funded. “So far, we have raised about $345 million in funding, out of which we have more than $200 million in the bank,” Dahiya had said.
Going forward, PolicyBazaar plans to hit the bourses after September next year as a natural business progression after twelve years. “It will take us at least 12 months to prepare… it is a process that will help increase transparency and reduce opaqueness,” said Dahiya.