Gurugram-based online policy aggregator PolicyBazaar’s parent EtechAces has raised ₹1,059 crores ($152 million) from SoftBank Vision Fund as a part of Series F round. EtechAces is the parent company of PolicyBazaar, PaisaBazaar, DocPrime, and QuickFIXcars. The $236 million Series F funding deal was first announced in June 2018.
The Japanese holding conglomerate has invested ₹473.27 crores ($67.95 million) via 10,371 Series F CCCPS and 5 equity shares worth ₹4,56,345 each. True North and Naukri.com’s parent InfoEdge also participated in the funding round via its subsidiary Diphda Internet Services and Startup Investments (Holding). InfoEdge invested ₹413.59 crores ($59.38 million) via 9,059 CCCPS and 4 equity shares via the two subsidiaries together.
SoftBank Vision Fund, the Japanese $100 billion fund, has invested $67.95 million (Rs 473.27 crore) via 10,371 Series F CCCPS and 5 equity shares worth Rs 4,56,345 each. InfoEdge has poured in $59.38 million (Rs 413.59 crore) via 9,059 Series F CCCPS and 4 equity shares via the two subsidiaries altogether. True North bought 3,775 CCCPS of the same class and 1 equity share for an overall investment of ₹172.27 crores ($24.74 million).
PolicyBazaar is just a few miles away from the unicorn status. The current valuation of the startup stands at ₹6655.32 crores ($950.76 million). However, the company is yet to raise another ₹602 crores ($86 million). If the deal goes as planned, EtechAces’ valuation will cross the ₹7,000 crores ($1 billion) mark and enter the unicorn club. The rest amount will be raised from SVF, PremjiInvest, Tiger Global and Temasek Holdings.
Founded by Alok Bansal and Yashish Dahiya, PolicyBazaar is an insurance aggregator website that compares financial services from major insurance companies. They are specialized in making a comparative analysis of the insurance products of various insurance policies based on price, quality and key benefits. Their unique comparative system boosts Their credibility.
The company has raised ₹3490.2 crores ($498.6 million) in funding since its inception in 2008. In 2009, the startup raised ₹67.2 crores (($9.6 million) from Intel Capital, Info Edge and Inventus Capital Partners. A year after in 2014, the company raised another ₹140 crores ($20 million) from Tiger Global Management.