Policybazaar

PolicyBazaar receives $152 Mn worth first tranche of Series F round; yet to turn Unicorn

Policybazaar

Remember how PolicyBazaar had announced a fundraise of $236 million Series F round in June 2018, a round that was supposed to turn it into a unicorn?

EtechAces, parent of PolicyBazaar, PaisaBazaar, DocPrime, and QuickFIXcars has now secured the first tranche $152.11 million (Rs 1,059.4 crore) led by SoftBank Vision Fund as part of the Series F round, reveals RoC filings with MCA.

This tranche has seen participation by InfoEdge via its subsidiary Diphda Internet Services and Startup Investments (Holding) and True North.

SoftBank Vision Fund, the Japanese $100 billion fund, has invested $67.95 million (Rs 473.27 crore) via 10,371 Series F CCCPS and 5 equity shares worth Rs 4,56,345 each. InfoEdge has poured in $59.38 million (Rs 413.59 crore) via 9,059 Series F CCCPS and 4 equity shares via the two subsidiaries altogether.

True North has purchased 3,775 CCCPS of the same class and 1 equity share for an overall investment of $24.74 million (Rs 172.27 crore).

As far as unicorn status is concerned, there are still a few steps to go. EtechAces’s valuation with this tranche stands at $950.76 million only. However, with the rest of $84-86 million that is on its way (as it was announced), the valuation is sure to hit the $1 billion mark and turn the parent into a unicorn.

This rest of $84-86 million counts a residual investment worth $82 million from SVF and if we go by the earlier announcement, PremjiInvest, Tiger Global, and Temasek Holdings.

This is the same deal where secondary transactions worth $30 million is also in pipeline. Since Tiger Global and Temasek already account for 48% of the stakeholding and SVF is planning to invest $150 million altogether, it is easily deductible who is going to sell stakes to whom.

Rest remains to be seen in the next tranche.

Policybazaar

PolicyBazaar receives $152 Mn worth first tranche of Series F round; yet to turn Unicorn

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Below is the bank details:

 
Amount: INR 3,00,000 + GST (TDS to be deducted 2%)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
Kindly make the payment to confirm your seat for Unicorn trip 2.1. For any other queries/concern: pls drop a email on: [email protected] or [email protected]
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