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Singapore’s Temasek Holdings To Invest In Online Insurance Policy Aggregator PolicyBazaar

Singapore’s Temasek Holdings To Invest In Online Insurance Policy Aggregator PolicyBazaar

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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