Internet group Tencent has paid $150m for a 10% stake in India-based online financial services aggregator ETechAces, the Economic Times has reported, citing a person familiar with the transaction.
The corporate bought the shares from investment firm Tiger Global Management, which sold half its stake in the company through a secondary transaction.
ETechAces operates insurance marketplace Policybazaar and loan product aggregator PaisaBazaar.
The company had raised a total of approximately $417m in funding as of a $152m series F round in May 2019 featuring telecommunications group SoftBank’s Vision Fund, classified listings operator Info Edge’s Diphda Internet Services unit, True North and Startup Holding.
Other investors in ETechAces include Temasek, Inventus Capital Partners, Chiratae Ventures, PremjiInvest, Ribbit Capital, Steadview Capital and Wellington Management.
