India-based price comparison platform operator eTechAces Marketing Consulting, which is backed by semiconductor producer Intel, has raised Rs 5bn ($77m) in funding, the Economic Times reported yesterday.
The round was co-led by asset manager Wellington Management, private equity firm True North and venture capital group IDG Ventures. Singaporean state-owned investment firm Temasek also participated in the round, as did investment firm Tiger Global Management and family office PremjiInvest.
ETechAces operates insurance policies aggregation platform PolicyBazaar and credit cards and loans marketplace PaisaBazaar, each of which enables consumers to compare the prices, quality and benefits of products.
Proceeds from the round, which reportedly valued eTechAces at approximately $500m, will fund the expansion of PolicyBazaar into the Middle East and other international markets by the end of 2017. The money will also support technology development and improved customer service.
Intel Capital, the VC investment arm of Intel, supplied an undisclosed amount of seed capital for the company in 2011 before returning for series A and B rounds in 2013 which raised $9.6m in total between them, and which also included classified listings company Info Edge and Inventus Capital Partners.
ETechAces secured $20m in a 2014 series C round featuring Tiger Global and all its existing investors, before adding adding $40m in a series D round led by PremjiInvest the following year, with participation from Tiger Global, Ribbit Capital, Steadview Capital and ABG Capital.