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Info Edge said in a BSE filing that it will jointly invest with Temasek’s MacRitchie Investments Rs 190.5 crore in Etechaces Marketing & Consulting, which operates PolicyBazaar.com, and PaisaBazaar.com.

Both, the company and MacRitchie will invest an amount of about Rs 95.3 crore each in MakeSense for 50.01% per cent and 49.99% stake, respectively. MakeSense will then aggregate a total investment of Rs 190.5 crore to invest in Etechaces for 3.50% stake in the company. MakeSense is the Special Purpose Vehicle (SPV) to facilitate joint investment between Temasek and Info Edge.

Info Edge said in its filing that this investment will help the company to consolidate its presence into the business of Insurance & financial products aggregator within the Internet Services Industry.

PolicyBazaar was founded in 2008 initially as an information portal for learning about insurance and insurance programs. Today, the company operates its own digital insurance brand and acts as a marketplace that aggregates and selects deal from across the industry. Parent company EtechAces expanded into the lending marketplace and financial advisory services with the launch of PaisaBazaar in 2014. The platform sells loans, credit cards, gold funds, mutual funds, exchange-traded funds and corporate deposits.

In a statement shared with MediaNama, PolicyBazaar’s  Head of Communications Aman Dhall said that this investment is a small secondary component of the recent $238mn round of funding, which was led by SoftBank Vision Fund. The primary component in the overall fundraising has been $200mn, while the rest has been secondary.

Recent media reports suggest that PolicyBazaar.com aims to hire 2,500 people FY19, taking its workforce headcount to 6,000 people. It also targets to underwrite premium worth Rs 10,000 crore, increase its customer base to 10 million. It aims to grow its revenue to Rs 1500 crores by 2020.  During FY 2018, Etechaces recorded consolidated net sales of Rs 333.9 crore.

Previous Funding

ETechAces has raised funds in seven rounds from investors such as Inventus Capital, Tiger Global Management, Steadview Capital, Premji Invest, Temasek and Ribbit Capital, according to CrunchBase data. In October 2017, ETechAces has raised $75 million funding from Wellington Management, private equity firm True Northland, IDG Ventures India, and its existing investors.

In April 2015, PolicyBazaar raised $40 million in a Series D round of funding from PremjiInvest and other investors including Tiger Global and Ribbit Capital, Steadview Capital, and ABG Capital.  Info Edge was the first company to invest in PolicyBazaar. It invested Rs 2.5 crore in April 2013Rs 10 crore in April 2011 and Rs 20 crore in September 2008.