ADQ, Abu Dhabi’s national investment company, is looking to invest $70 million in Etechaces Marketing and Consulting – the parent of Policybazaar and Paisabazaar, ahead of Policybazaar’s planned initial public offering (IPO) this year.
The infusion, if it goes through, would value the 13-year-old fintech firm Etechaces at $2 billion, sources told the Mint.
Moneycontrol could not independently verify the report.
One source, involved in negotiations, told the paper talks have “made significant progress” and the deal could close “sometime this week” after a few bottlenecks are smoothed out.
The development comes after Policybazaar CEO Yashish Dahiya in July 2020 said the company is looking to raise $500 million ahead of its IPO in September 2021. Parent Etechaces has in fact raised $364 million from investors so far, including big names such as Info Edge, Inventus, Premji Invest, Softbank, Temasek, and Tiger Global.
ADQ did not respond to queries, the report said.
A spokesperson for Policybazaar said the company receives a “lot of interest from marquee investors such as ADQ,” but has nothing to share, it added.