Insurance portal PolicyBazaar eyes US listing, $100 mn IPO
Gurgaon-based eTechAces Marketing and Consulting Pvt. Ltd, which runs the online insurance portal PolicyBazaar, is planning to get listed on the Nasdaq stock exchange in the US, according to a report.
The company is looking at raise $100 million through the public offering, The Economic Times reported, citing CEO Yashish Dahiya. It is aiming at a market value of around Rs 4,500 crore, the report said. This will be triple the valuation in its last fundraising deal, it added.
If its listing plans go through, it will join Indian Internet companies MakeMyTrip and JustDial on the Nasdaq stock exchange.
PolicyBazaar had, in April last year, raised around $40 million (Rs 248 crore then) in its Series D round of funding from PremjiInvest, the personal investment vehicle of Wipro chairman Azim Premji, and other investors including Tiger Global.
Ribbit Capital, Steadview Capital and ABG Capital are among the other investors in the company. Info Edge India Ltd, the parent of job portal Naukri.com, also owns a stake in the company.
In May 2014, PolicyBazaar had raised $20 million in its Series C round of funding from Tiger Global and Ribbit Capital. Prior to that, it had secured $5 million in a round led by Inventus Capital Partners.
PolicyBazaar was founded in 2008 by Yashish Dahiya and Alok Bansal.
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