Abu Dhabi investment firm ADQ is looking to invest $70 million in Etechaces Marketing and Consulting Pvt. Ltd, the parent company of Policybazaar, as the the insurance aggregator is planning to go public this year.
The investment will value Etechaces at about $2 billion, sources told the Mint.
“We have had conversations and made significant progress. We can close it sometime this week,” a person involved in the deal-making process said, adding that the investor was ironing out a few bottlenecks ahead of an announcement.
Last July, Policybazaar chief executive Yashish Dahiya has said that the company was aiming to raise $500 million in an initial public offering targeted for September this year.
ADQ is headed by Sheikh Tahnoon bin Zayed Al Nahyan, the national security adviser of the United Arab Emirates.
ADQ did not respond to queries around the proposed investment, the report said.
“We do get a lot of interest from marquee investors such as ADQ, but nothing to share on this one currently,” a PolicyBazaar spokesperson said.
A spokesperson for Policybazaar said the company receives a “lot of interest from marquee investors such as ADQ,” but has nothing to share, it added.
Etechaces turned unicorn in mid-2018 when it raised more than $200 million in a funding round led by SoftBank Group’s Vision Fund. The fintech company has raised $364 million so far.
SoftBank, Tiger Global, Inventus, Temasek, Premji Invest, Info Edge, and Wellington are the prominent investors in Etechaces.