ADQ considering $70 million infusion in Policybazaar parent Etechaces: Report
The infusion, if it goes through, would value the 13-year-old fintech firm Etechaces at $2 billion
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ADQ, Abu Dhabi’s national investment company, is looking to invest $70 million in Etechaces Marketing and Consulting – the parent of Policybazaar and Paisabazaar, ahead of Policybazaar’s planned initial public offering (IPO) this year.
The infusion, if it goes through, would value the 13-year-old fintech firm Etechaces at $2 billion, sources told the Mint.
Moneycontrol could not independently verify the report.
One source, involved in negotiations, told the paper talks have “made significant progress” and the deal could close “sometime this week” after a few bottlenecks are smoothed out.
After a record profit of $8 billion in the December quarter, Son said, “I want to have that kind of rhythm to list 10 or 20 companies per year. So we are going to a harvesting period from SoftBank Vision Fund 1 perspective and even from Vision Fund 2 perspective we have some sort of harvesting.”
India Business News: SoftBank CEO Masayoshi Son said he is expecting a “rhythm” of 10-20 initial public offerings (IPOs) a year from his portfolio companies globally. He d
Synopsis
While legal amendments for a global IPO have been undertaken, guidelines on where they can list as well as the tax regime are yet to be thrashed out and companies are expecting that it will be clearer in the Budget.
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This would pave the way for these firms to provide an exit to venture capital funds, who have invested in these startups over the years.
(This story originally appeared in on Jan 25, 2021)BENGALURU/ NEW DELHI: Around half-a-dozen companies including Paytm and EtechAces Marketing and Consulting, which houses both PolicyBazaar and PaisaBazaar are considering an international listing but are awaiting detailed guidelines from the corporate affairs ministry and the revenue department.
India Business News: Around half-a-dozen companies including Paytm and EtechAces Marketing and Consulting, which houses both PolicyBazaar and PaisaBazaar are consideri