SoftBank Vision Fund infuses $130mn in PolicyBazaars parent company

The new investment will give SoftBank an over 15 per cent stake in EtechAces Marketing and Consulting and value it at about $1.5 billion.

SoftBank Vision Fund bought an additional stake in PolicyBazaar's parent company EtechAces Marketing and Consulting for $130 million, sources familiar with the development told Times of India. The shares have been bought from existing investors Tiger Global Management, Ribbit Capital, and Inventus Capital India.

According to the report, the new investment will give SoftBank an over 15 per cent stake in EtechAces and value it at about $1.5 billion.

The investment is a mix of primary infusion of capital into the company at about $50 million and purchase of shares worth another $80 million.

SoftBank has bought the secondary shares at a premium to the valuation at which they did the primary at $1 billion in 2018, said the report, adding that with this the total investment by SoftBank in the company stands at about $200 million.