Info Edge invests Rs50 crore in Policybazaar
New Delhi: Info Edge, which runs the online job portal Naukri.com, Friday said it has invested over Rs50 crore in Etechaces Marketing and Consulting that operates the online financial products marketplace Policybazaar.
“Info Edge has invested about Rs50.71 crore in Etechaces Marketing and Consulting through its wholly-owned subsidiary. (The investment was done as) participation in the follow-up fund raise exercise of Policybazaar,” Info Edge said in a BSE filing.
Etechaces had a consolidated turnover of Rs212.87 crore as on 31 March 2017, it added.
Policybazaar offers an online marketplace for insurance products under policybazaar.com, while other financial products like loans and credit cards are sold through paisabazaar.com.
“The company (Info Edge) has acquired 5 series E equity shares of a par value of Rs100 at a premium of Rs259,417.01 and 1949, fully and compulsorily convertible Series E preference shares having a par value of Rs100 at a premium of Rs259,417.01,” the filing said.
According to reports, Policybazaar received about Rs500 crore funding from Wellington Management, IDG Ventures India, True North and others.