Makesense Technologies, a subsidiary of India-headquartered classified job portal operator Info Edge, has agreed to merge with PB Fintech, the India-based owner of insurance listings platform PolicyBazaar, CapitalMarket has reported.
The deal is pending approvals from local authorities including the National Company Law Tribunal and both companies’ stakeholders and creditors.
Formed in 2009, MakeSense focuses on artificial intelligence-equipped natural language processing technology for the human resources space.
PolicyBazaar, an online platform that helps users compare and buy policies from a range of third-party insurers, was founded in 2008 and is owned by PB Fintech (formerly known as ETechAces). It is reportedly exploring an initial public offering over the next few months.
The merger will entail the two simplifying their respective corporate structures, including streamlining legal and regulatory compliances and alleviating administrative burdens, as well as combining resources and better allocating budgets.
PolicyBazaar has reportedly raised more than $630m, having most recently received $75m in a round led by hedge fund manager Falcon Edge Capital last month.
Internet and telecommunications firm SoftBank’s Vision Fund had supplied $130m for the company in primary and secondary financing in June 2020, acquiring a 15% stake. Internet group Tencent secured a 10% stake in PB Fintech from investment firm Tiger Global Management for $150m seven months earlier.
Info Edge’s Diphda Internet Services subsidiary and SoftBank Vision Fund had chipped into a $152m series F round for the company in mid-2019 that included Startup Holding and True North.
Info Edge had already provided an undisclosed amount for the company in a 2011 seed round before returning for a $5m series B round two years later, investing together with Intel Capital, a subsidiary of semiconductor producer Intel, and Inventus Capital Partners.
ABG Capital, IDG Ventures India, PremiInvest and Ribbit Capital, Steadview Capital, Temasek, True North and Wellington Management are all among the company’s other investors.
