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The owner of Naukri.com, Info Edge has acquired 9% stake in Etechaces, which owns PolicyBazaar and PaisaBazzar, via special purpose vehicle.
Diphda Internet Services, a newly incorporated wholly owned subsidiary of the company, purchased 8.93% stake in Etechaces Marketing & Consulting Pvt Ltd (Etechaces) by investing USD 90 million.
Further, the owner of Naukri.com stated, “As part of company’s strategic investments, the acquisition would help the company to consolidate its presence into the business of Insurance & financial products aggregator within the internet services industry.”
