Info Edge invests Rs 50 cr in Policybazaar
By PTI | Published: 13th October 2017 08:58 PM |
New Delhi, Oct 13 (PTI) Info Edge, which runs the online job portal Naukri.com, today said it has invested over Rs 50 crore in Etechaces Marketing and Consulting that operates the online financial products marketplace Policybazaar.
"Info Edge has invested about Rs 50.71 crore in Etechaces Marketing and Consulting through its wholly-owned subsidiary.
(The investment was done as) participation in the follow-up fund raise exercise of Policybazaar," Info Edge said in a BSE filing.
Etechaces had a consolidated turnover of Rs 212.87 crore as on March 31, 2017, it added.
Policybazaar offers an online marketplace for insurance products under policybazaar.com, while other financial products like loans and credit cards are sold through paisabazaar.com.
"The company (Info Edge) has acquired 5 series E equity shares of a par value of Rs 100 at a premium of Rs 2,59,417.01 and 1949, fully and compulsorily convertible Series E preference shares having a par value of Rs 100 at a premium of Rs 2,59,417.01," the filing said.
According to reports, Policybazaar received about Rs 500 crore funding from Wellington Management, IDG Ventures India, True North and others. PTI SR ABM .
This is unedited, unformatted feed from the Press Trust of India wire.