Global investors Tencent and Softbank are planning to buy Tiger Global's 21 percent stake in Policybazaar, according to reports. Etechaces Marketing and Consulting, owns Policybazaar and Paisabazaar. The New York-based investor is seeking about $300 million in the stake sale in Etechaces. The deal values the company at $1.5 billion.
As per the Economic Times report, SoftBank has plans to increase its stake to about 20 percent in the company. The report also added that Tiger Global has appointed a banker to initiate the deal.
Tiger Global has been selling its stakes in companies like Flipkart and has made about $3 billion from stake sales last year. It also partially left the online transportation major Ola, selling major stakes in the company this year. The global investor had invested about $50-60 million in Etechaces.
The Modi government has proposed allowing 100 percent FDI in insurance intermediaries.
Etechaces boosted its business with Policybazar and Paisabazaar, taking them past market leaders like Coverfox. The marketing and consulting company is now stepping into the online health service and car service verticals through its start-ups DocPrime and QuickFixCars, respectively.
Etechaces expects to reach a net revenue of Rs 1000 crore this financial year.