EtechAces Marketing and Consulting Pvt Ltd, the parent of PolicyBazaar and PaisaBazaar portals, has secured about $152 million (Rs 1,059.4 crore) in the first tranche of its Series F funding round, led by Japan’s SoftBank Vision Fund, according to the company’s filings with the Registrar of Companies (RoC) sourced by paper.vc.
The capital infusion also saw participation from InfoEdge via its subsidiary Diphda Internet Services, private equity firm True North, and Startup Holding.
SVF India Holdings (Cayman) Limited (Soft Bank), a wholly owned subsidiary of SoftBank Vision Fund L.P. has invested about $68 million (Rs 473.27 crore) by subscribing to 10,371 Series F cumulative compulsory convertible preference shares (CCCPS) and five equity shares worth Rs 4,56,345 each of EtechAces.
Diphda Internet Services has injected about $59.3 million (Rs 413.59 crore) by subscribing to 9,059 Series F CCCPS and four equity shares, while True North has purchased 3,775 CCCPS and one equity share for an investment of $24.8 million (Rs 172.27 crore) in the company.
Last year in June, the PolicyBazaar parent had announced a fundraise of over $200 million in Series F round.
In July, Singapore state investment firm Temasek and Info Edge (India) Ltd co-invested $27.6 million (Rs 190.5 crore) in EtechAces. The company also counts New York investment firm Tiger Global Management among its investors.
Founded in 2008, Gurugram-based Policybazaar offers online services to consumers to compare and purchase insurance policies. The online insurance platform competes with Sequoia Capital-backed BankBazaar and Narayana Murthy’s Catamaran Ventures-backed Coverfox. It claims to account for nearly 25 per cent of India’s life cover, and over 7 per cent of India’s retail health insurance business.
Earlier this year, PolicyBazaar also strengthened its leadership team by appointing Rahul Agarwal, former technology officer at Lava Mobile, as CTO, and Jayant Chauhan as chief product officer.