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Online insurance aggregator PolicyBazaar has executed yet another secondary share sale worth about $45 million, in which private equity firm True North and some angel and individual investors sold their stakes, people close to the matter told The Economic Times. Bay Capital, IIFL Wealth, White Oak Global Advisors, and Cyrus Poonawalla Group are among the incoming investors in PolicyBazaar’s parent entity ETechAces Marketing and Consulting, which also operates an online lending marketplace PaisaBazaar.
The transaction follows another secondary deal of about $20 million by existing backer True North at a $2 billion valuation. At the time, Alpha Wave Incubation, an early-stage fund managed by Falcon Edge and anchored by ADQ, a holding company owned by the Abu Dhabi government, came on board in a mix of secondary and primary capital. Prior to that, SoftBank Vision Fund, another existing backer, bought stakes from older investors, including Tiger Global, Ribbit Capital, and Inventus Capital.
“The company is expecting a valuation of around $3.5 billion for its planned IPO,” said another person. True North, formerly known as India Value Fund, said in October last year that it had partially exited PolicyBazaar, without divulging any financial details. Prior to the stake sale, True North held a 3.31 per cent stake in the company through Fund V and 2.48 per cent through Fund VI.
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Founded in 2008 by Dahiya, Alok Bansal, and Avaneesh Nirjar, PolicyBazaar also operates an online lending marketplace PaisaBazaar. Its prominent product categories include pure-term, investment-linked, health, and auto insurance. The company claims it conducts one million transactions a month, accounting for nearly 25 per cent of India’s life cover, and more than 7 per cent of India’s retail health business.
