Singapore government owned investment firm Temasek Holdings will invest in online insurance policy aggregator PolicyBazaar by acquiring a stake indirectly from its existing shareholder, Info Edge, as per a stock market disclosure, reports ET.
Info Edge recently transferred its entire shareholding in PolicyBazaar to its wholly-owned subsidiary MakeSense Technologies for $15.56 Mn (INR 101.3 Cr) in two equal tranches. As part of the deal, Temasek, through its Singapore-based indirect wholly-owned subsidiary MacRitchie Investments Pte Ltd, has agreed to acquire about 49.99% equity stake of MakeSense Technologies Ltd, for about $20.58 Mn( INR 134 Cr).
Of the total funds invested, MakeSense will invest about $4.78 Mn (INR31.1 Cr) in PolicyBazaar, while the remaining INR 15.56 Mn (INR 101.3 Cr) would be used by MakeSense to retire its payable to Info Edge.
Post this transaction, Info Edge will own 50.01% stake in MakeSense, while MakeSense will hold about 19.65% stake in PolicyBazaar. The deal values PolicyBazaar at $210 Mn (INR 1,365 Cr).
PolicyBazaar which is owned by Gurgaon-based eTechAces Marketing and Consulting Pvt Ltd, had raised $40 Mn funding in its Series D round from PremjiInvest, existing investors Tiger Global and Ribbit Capital. Besides these, the round also attracted money from Steadview Capital and ABG Capital. Prior to that, the company raised $20 Mn in series C, $5 Mn in series B, $4.6 Mn in series A and an undisclosed amount in May 2011.
For Temasek, this marks the second such transaction where it has invested in an Info Edge portfolio firm. Last month, it had led a $60 million round in Zomato along with existing investor Vy Capital. Zomato in turn had raised $60 Mn from Vy Capital, Info Edge and Sequoia Capital last year and about $50 Mn from Info Edge and few other investors in April this year. Temasek is also an investor in Indian ecommerce firm Snapdeal and Bangalore-based data analytics startup Manthan.
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