Temasek to buy Intel Cap’s stake in Policybazaar: Report

Visual from the policybazaar.com

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.

Also Read: 

Temasek completes acquisition of SVB India, rebrands it InnoVen

Advent-Temasek consortium buys consumer arm of Crompton Greaves

Current valuations for internet, e-commerce & taxi apps don’t matter if you pick winner: Temasek

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.