Singapore’s state investment fund Temasek Holdings Pte is set to buy the 8 per cent stake that Intel Capital currently holds in India’s insurance web aggregator Policybazaar.com for around $17.2 million (Rs 110 crore), a report said.
The deal values the insurance aggregator at 1500 crore ($235 million). For Intel Capital, which had picked up the stake in Policybazaar.com in April 2011 for about Rs 30 crore, the deal will see it get a return of close to four times its investment.
The Times of India report cited sources aware of the development, and quoted Policybazaar CEO Yashish Dahiya as stating: “We are always in talks with investors to raise money.”
The report also added that the portal had seen two investment rounds recently with the latest being Founders United Trust picking a 1.5 per cent stake in it for an undisclosed amount.
Founders United Trust is a consortium that includes, former managing director of Canaan Partners Alok Mittal, Google India MD Rajan Anandan, Chrys Capital co-founder Ashish Dhawan, MakeMyTrip founder Deep Kalra and HealthKart.com founder Prashant Tandon.
The second round of investment was in April this year, where it raised Rs 300 crore PremjiInvest, Steadview Capital, Ribbit Capital and Tiger Global. Investors own about 70 per cent equity in the company, with Tiger Global being the single largest investor with over 30 per cent stake while Info Edge owns 18 per cent.
Temasek has made a slew of investment in India recently. In April, it had joined Private equity firm Advent International Corp buy the consumer electrical business of India’s Crompton Greaves Ltd 20 billion rupees ($316 million).
In the same month, Temasek Holdings said it had completed its acquisition of SVB India Finance Private Limited and said it had rebranded the company as InnoVen Capital India, with the former chief executive of ICICI Securities (I-Sec) Madhabi Puri Buch as chairperson.
Temasek had announced in January that it had reached a deal with SVB India Finance Private Limited, the specialty lending arm of Silicon Valley Bank, for $45 million.