According to reports in foreign media, after several months' negotiation and communication, China's technology giant Tencent finally decided to invest about USD130 million to USD150 million into Etechaces Marketing and Consulting, parent company of PolicyBazaar and PaisaBazaar.
Two insiders revealed that the transaction was completed about three to four weeks ago and the company's valuation was about USD1.5 billion.
The insiders emphasized that Tencent already acquired newly issued shares of this Gurgaon-based company; however, it has not been able to verify by the outside world if Tencent acquired newly issued shares or secondary stock.
It is said that Tencent will invest at least USD130 million in PolicyBazaar and the Chinese company may increase the investment to USD150 million. With the investment, Tencent will gain a 7% to 10% stake in PolicyBazaar.
This is reportedly Tencent's third investment in 2019. So far, Tencent has invested in eight Indian companies, including BYJU's, Dream11, Hike, Swiggy, and Ola.