India: PolicyBazaar in talks to raise $150m as buffer capital by third quarter

PolicyBazaar CEO Yashish Dahiya. Photo: Livemint

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.