Temask Holdings — the Sovereign Fund associated with the Singapore government — has obtained nearly 10% stakes in Etechaces Marketing and Consulting. No bells rung? Perhaps PolicyBazaar sounds a bit more familiar ? Yup, Etechaces is the parent company behind PolicyBazaar and that folks, is exactly where Temask’s investment compass seems to be pointing at right now.
The deal has taken place via a subsidiary, namely MacRitchie Investments, which is also picking up a significant 49.99% stake in Info Edge subsidiary MakeSense Technologies for a sum of Rs 134.1 crore. Out of the 134 crores, an odd 101.3 crore or so will go towards transfering Info Edge’s entire 18% share holdings in Policybazaar to itself.
Out of this sum, a transfer of Rs 50 crore had been made on March 31, 2015, while the remaining Rs 51.3 crore was transfered on the first of this month. MakeSense Technologies on the other hand, will be increasing its stake in Policybazaar upto 19.65%.
As per InfoEdge, the somewhat confusing transfers are all part of PolicyBazaar’s $40 million fundraise from March, which involved major investors such as PremjiInvest, Tiger Global, Ribbit Capital, Steadview Capital and ABG Capital and comes even as the company is looking to raise another ambitious $50 million.
Founded in 2008 by Yashish Dahiya and Alok Bansal, PolicyBazaar is a Gurgaon-based company which aims to empower Indian consumers, help them compare and make an informed choice for their various insurance needs. It claims to have more than 50,00,000 customers for insurance and employee base of more than 1,500.
Apart from insurance aggregation, PolicyBazaar is also involved in loan comparison via loan comparison site PaisaBazaar, which offers consumers the ability to compare and pick the best fit out of various loan categories such as personal loans, home loans, car loans, education loans and gold loans.