Chinese investment firm Tencent and Japan’s SoftBank Vision Fund are among the investors in talks to buy 21 percent stake of Tiger Global Management in Etechaces Marketing and Consulting, owner of Policybazaar and Paisabazaar, The Times of India reported, citing sources familiar with the development.
The firm is seeking a valuation of $1.5 billion for the stake and has pegged the deal size at more than $300 million, said the TOI sources.
“Tiger Global has appointed a banker for the stake sale and Tencent is likely to come in as a new investor. SoftBank may also increase its stake to about 20 percent in the company,” one of the sources was quoted as saying in the report.
When contacted by the paper, Etechaces co-founder and CEO Yashish Dahiya, SoftBank and Tiger Global refused to comment on the learned development.
First Published: Jul 12, 2019 8:28 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha Elections 2024 | How critical is Phase-5 for both NDA and I.N.D.I.A
May 20, 2024 7:30 AM
Lok Sabha Election Phase 5 Voting Live Updates: Leaders, actors among early voters as 49 seats poll today
May 20, 2024 6:34 AM