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Deepti Sri · · 1 min readReport: Abu Dhabi’s ADQ to pour $70m into Policybazaar’s parent company
“Abu Dhabi investment firm ADQ is set to invest US$70 million in the parent of PolicyBazaar, the insurance aggregator that is planning to go public this year,” reported Livemint, citing two people familiar with the development.
Details:
- Etehcaces Marketing and Consulting, the parent company of PolicyBazaar, will be valued at about US$2 billion after the investment, the sources added.
- However, the investment will not be made through Alpha Wave Incubation Fund, a fund ADQ set up in May last year to invest in early-stage businesses built out of India and Southeast Asia.
Context:
- The development marks ADQ’s expansion in India at a time when a slew of Indian companies are looking to go public, despite the government’s plans to ease foreign listing.
- Last year, PolicyBazaar CEO Yashish Dahiya told Bloomberg News that the company was looking to raise US$500 million in its financial debut slated for September 2021.
Editing by Miguel Cordon and September Grace Mahino
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