A Private equity firm True north and investment service firm IDG Ventures India are in talks with each other so as to plan and invest $20 million in EtechAces Marketing & consulting which owns PolicyBazaar and PaisaBazaar.
PolicyBazaar looking at domestic investors
PolicyBazaar which is backed by Tiger Global, InfoEdge and Premji Invest and various others is looking at more domestic investors to join this round so that it can meet 51% domestic investment criteria under the Insurance Regulatory and Development Authority of India (Irda). True North is said to invest $ 15 million whereas IDG Ventures is planning to invest $ 5 million in the company.
Using of funds to expand PolicyBazaar
Yashish Dahiya, PolicyBazaar CEO said that “The new supports will be utilized to extend PolicyBazaar and PaisaBazaar to new topographies and to likewise venture into more up to date classifications of items separated from loans, Credit cards and Insurance.
The firm’s prime objective is to strengthen its balance sheet just like online e-commerce players Flipkart and Amazon India, which has backed their rival BankBazaar and are also eyeing on firms like Paytm.