Policybazaar to merge with Info Edge unit enroute to IPO
Photo Credit: 123RF.com

PB Fintech, which runs insurance aggregator Policybazaar and others, will merge into Info Edge’s MakeSense Technologies in an all-share deal, the companies said in a joint statement on Friday.

The companies said that the deal would result in cost savings and streamlining of the corporate structure.

Info Edge, which is the parent of Naukri and other internet properties, is one of the key investors in the unicorn Policybazaar which has attracted a lot of interest ahead of its IPO.

PB Fintech, formerly called Etechaces Marketing and Consulting, was founded in 2008 by Yashish Dahiya and Alok Bansal and operates a total of seven businesses. 

Apart from Policybazaar, the company runs businesses including call centre operator Icall Support Services, online healthcare services provider Docprime Technologies, and motor vehicle claims and related assistance services provider Accurex Marketing and Consulting.

Last month, Policybazaar raised $75 million in a round led by New York-based hedge fund Falcon Edge Capital. 

Mumbai-based MakeSense was co-founded in 2009 by IIT Bombay alumni Vivek Arya, Anand Ramachandran and Sumit Kundu. It was acquired by Info Edge for around Rs 8 crore in 2013.

As of March 31, MakeSense’s total revenue stood at about Rs 0.08 crore, whereas PB Fintech’s total revenue was Rs 147.99 crore.

The companies said that the deal was in the best interests of shareholders, employees and creditors.

Leave Your Comment(s)