“Google is wanting on the deal because it needs to extend its presence within the Indian digital market,” mentioned certainly one of them, including that “the valuation and the stake will depend upon the final funding rounds”.
SoftBank and Google did not reply to queries. An individual near Google denied that any deal was within the works. Policybazaar declined to remark.
Alphabet Inc-owned Google introduced its India funding plan final month. Chief government officer Sundar Pichai advised ET that the corporate was “wanting ahead to working with Indian companies of all sizes”. Google introduced its first funding shortly thereafter – $4.5 billion in Mukesh Ambani-owned Jio Platforms, becoming a member of Fb and others. The corporate is four-five extra offers within the Indian expertise startup area, mentioned one of many individuals cited above.
Plans to go public
Discuss of the potential stake acquisition comes as Policybazaar goals to lift funds by way of an preliminary public supply subsequent 12 months. The corporate has mentioned that it is trying to safe about $250 million in funding earlier than that. The unicorn is planning to lift the funds at “a valuation north of $3.5 billion”, earlier than a September 2021 IPO, Policybazaar cofounder Yashish Dahiya advised Bloomberg Information in July.
The final funding by SoftBank in Etechaces Advertising and Consulting, the Policybazaar holding firm, valued the corporate at $1.5 billion and took the whole stake held by it to 15%. The $130 million funding was made in July. Policybazaar counts SoftBank’s Imaginative and prescient fund, Tiger International and Tencent amongst its traders. The corporate may change into India’s first digital firm to go public by way of an Indian or US capital market itemizing as per media reviews.