India-based insurance and financial product supplier ETechAces has secured $27.7m in funding from classified listings operator Info Edge and Singaporean state-owned firm Temasek, VCCircle reported, citing a stock exchange filing.
ETechAces launched online insurance portal PolicyBazaar in 2008 and followed that with the introduction of lending and investment comparison platform PaisaBazaar in 2014.
The funding could well have been supplied as part of the $238m in series F funding the company raised last month, though the Economic Times reported at the time that Info Edge had invested $45m in that round, which reportedly valued ETechAces at more than $1bn.
Makesense Technologies, a special purpose vehicle that represents both parties, now holds a 19.9% stake in ETechAces according to the filing. It is unclear whether Info Edge closed a proposed deal where it would buy additional shares from existing backer PremjiInvest.
SoftBank’s Vision Fund reportedly led the series F round with a $150m investment and was joined by private equity firm True North as well as Info Edge. It increased the company’s overall funding to more than $380m.
Info Edge supplied an undisclosed amount of seed capital for PolicyBazaar before participating in its $5m series B round in 2013 alongside Intel and Inventus Capital Partners.
The company raised $20m from investment firm Tiger Global Management and its existing backers in 2014, and a further $40m in a 2015 series D round featuring Tiger Global, Ribbit Capital, Steadview Capital, PremjiInvest and ABG Capital
Temasek reportedly paid $17.6m to acquire an 8% stake in ETechAces from Intel later the same year, and joined True North, Tiger Global, PremjiInvest, IDG Ventures India and Wellington Management for the company’s $77m series E round in October 2017, at a reported $500m valuation.