New Delhi, Oct 13 (PTI) Info Edge, which runs the onlinejob portal Naukri.com, today said it has invested over Rs 50crore in Etechaces Marketing and Consulting that operates theonline financial products marketplace Policybazaar.
"Info Edge has invested about Rs 50.71 crore in EtechacesMarketing and Consulting through its wholly-owned subsidiary.
(The investment was done as) participation in the follow-upfund raise exercise of Policybazaar," Info Edge said in a BSEfiling.
Etechaces had a consolidated turnover of Rs 212.87 croreas on March 31, 2017, it added.
Policybazaar offers an online marketplace for insuranceproducts under policybazaar.com, while other financialproducts like loans and credit cards are sold throughpaisabazaar.com.
"The company (Info Edge) has acquired 5 series E equityshares of a par value of Rs 100 at a premium of Rs 2,59,417.01and 1949, fully and compulsorily convertible Series Epreference shares having a par value of Rs 100 at a premium ofRs 2,59,417.01," the filing said.
According to reports, Policybazaar received about Rs 500crore funding from Wellington Management, IDG Ventures India,True North and others. PTI SRABM.
This is unedited, unformatted feed from the Press Trust of India wire.