With IPO Plans For Later This Year, Policybazaar Set To Raise $70 Million From Abu Dhabi Based Firm

Gurugram based unicorn Policybazaar's valuation is likely to surge significantly with Abu Dhabi based investment firm ADQ set to invest $70 million in the online insurance aggregator platform business, reports Livemint.

ADQ is headed by United Arab Emirate (UAE)'s National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan who is also the brother of UAE's crown prince Sheikh Mohammed bin Zayed Al Nahyan.

The investment by ADQ will value 13-years-old Etechaces Marketing and Consulting Pvt. Ltd which runs Paisabazaar at a whopping tag of about $2 billion. The company is already backed by a big list of renowned investors including Sanjeev Bhikchandani led Info Edge, Masayoshi Son led Softbank and several others like Tiger Global, Temasek, Premji Invest and Wellington.

It should also be noted that company's chief executive Yashish Dahiya has said last July that Policybazaar is looking to raise $500 million in an initial public offering (IPO) targeted for September 2021. The fintech platform has so far raised $364 million.