Tencent takes 10% stake in India’s Policybazaar: reportNovember 11 2019 by InsuranceAsia News Staff
Tencent Holdings has acquired a 10% stake in Gurgaon-headquartered Policybazaar, according to a source cited by Bloomberg.
It is understood the stake has been valued at US$150 million which values the Indian online insurance aggregator at US$1.5 billion. Policybazaar, founded in 2008, sells a wide range of products on behalf of insurers – including travel, motor, health and life insurance.
The Chinese firm has bought half of Tiger Global Management’s stake in the company, the source said.
Tencent is an investor in digital-only life insurer Blue in Hong Kong – it is a partner with private equity firm Hillhouse Capital and UK insurer Aviva in the firm. Tencent has also invested in other Indian tech start-ups including: ride-hailing service Ola, education platform Byju’s and food delivery platform Swiggy.
Policybazaar and Tencent haven’t commented on the story.
Shanghai-headquartered Tencent, one of the world’s most valuable tech companies, has invested in around 45 so called ‘unicorns’ – tech firms with a US$1 billion dollar or more – inlcuding WeBank and Didi Chuxing in China.
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The initiative allows firms not to have a physical presence in the market.
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It is understood the digital player will focus on travel, pet and ride-sharing coverage.
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The funds will help develop its health platform.
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Directors at FWD, MSIG and Ping An shared strategies at an FT event in Hong Kong.