Sources have pointed to the likelihood of tech giant, Google, purchasing a minority stake in Policybazaar in the near future.
The online insurance platform is currently backed by SoftBank who hold a 15% stake in the company. With SoftBank looking to make a partial exit however, Google could step in with a reported $150 million investment. The amount would be towards procuring a 10% stake in the Indian company.
The rumours come not long after Google’s announcement of a $4.5 billion investment into Mukesh Ambani-owned Jio platforms. While neither SoftBank nor Google have confirmed the existence of such a deal, the potential investment into Policybazaar would be in line with Google’s goal to invest $10 billion into Indian entities in the next five to seven years.
Less than a month ago, Policybazaar expressed its intention of going public by 2021, with a valuation of over $3.5 billion.