ADQ, the Abu Dhabi-based investment firm, is set to invest $70 million in the parent of Policybazaar, according to the Mint report. The insurance aggregator has plans to go public this year, the report added.
The investment will value Etechaces Marketing and Consulting Pvt. Ltd, the 13-year-old company that also runs Paisabazaar, at about $2 billion, added.
The company is backed by SoftBank, Tiger Global, Inventus, Temasek, Premji Invest, Info Edge, and Wellington. So far, the company has raised $364 million in funding.
“We have had conversations and made significant progress. We can close it sometime this week,” a person involved in the deal-making process said.
In 2020, Policybazaar CEO Yashish Dahiya told Bloomberg News that the company was aiming to raise $500 million in an initial public offering targeted for September this year.
ADQ is headed by Sheikh Tahnoon bin Zayed Al Nahyan, the national security adviser of the UAE and the brother of Abu Dhabi crown prince and UAE’s de facto leader, Sheikh Mohammed bin Zayed Al Nahyan.