PolicyBazaar is in talks with an Abu Dhabi government held Alpha Wave Incubation (AWI) for $50-100 million funding through a mix of primary and secondary means from early-stage fund Alpha Wave Incubation (AWI), sources told The Economic Times.
AWI is managed by Falcon Edge (controlled by Abu Dhabi government holding company ADQ). The capital infusion would value PolicyBazaar’s parent ETechAces Marketing and Consulting at $2 billion, up from $1.5 billion, the report said.
Moneycontrol could not independently verify the report.
For the secondary infusion, AWI has acquired $20 million worth shares in existing investor, private equity firm True North. Details of primary funding are yet to be determined but “is in process,” one source said.
Yashish Dahiya, Co-Founder and Group CEO at PolicyBazaar, confirmed secondary sales of True North’s shares, but did not respond about the primary capital infusion by AWI; while Falcon Edge and True North did not respond to queries, as per the report.
Dahiya called UAE its “top geographies” while terming any IPO plan as “speculative as nothing is board approved.” He added that the company is “keen on international expansion” as is at a “stage where they can help customers abroad.”
PolicyBazaar earlier raised funds via secondary share sales from SoftBank Vision Fund raising valuation to $1.5 billion.
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