Info Edge partners with Soft Bank to invest US$ 45 million in Policybazaar.com
The stock of Info Edge was buzzing on the bourses in the early morning session, post the announcement of an investment in the company which operates online marketplace for insurance and financial products, namely www.policybazaar.com and www.paisabazaar.com.
At 9:37, the stock of Info Edge was trading at Rs. 1,265.00 per share, up by Rs. 89.40 or 7.60 per cent on Tuesday.
The company has entered an agreement with SoftBank Vision Fund to invest approximately in Diphda Internet Services Limited. Diphda, is a newly formed wholly-owned subsidiary of Info Edge, while Etechaces Marketing & Consulting Private Limited, operates online marketplaces www.policybazaar.com and www.paisabazaar.com.
Both Info Edge and Soft Bank through an approximate investment of US$ 45 million each will hold 8.93% stake in Diphda. Info Edge now holds around 13 per cent stake in EtechAces. This takes the valuation of ETechAces to about US$1 billion.
Etechaces Marketing & Consulting is a fintech and marketing company that offers online marketplace for insurance products under www.policybazaar.com and loans and credit cards on www.paisabazaar.com. During the FY17-18, Etechaces reported a consolidated (unaudited) net sales of Rs. 3,339.4 million.