PolicyBazaar raised Rs 356.6 cr from SoftBank
PolicyBazaar’s parent company EtechAces Marketing and Consulting raised Rs 356.6 cr from SoftBank. The company allotted 7144 preference shares at a nominal value of INR 100 with a premium of INR 49.9 Lakh per share worth INR 356.68 Cr to SVF Python II (Cayman) Limited, one of the units of SoftBank.
Yashish Dahiya Founder & CEO of Policybazaar
recently said that its strategy to raise capital from investors like SoftBank and others, which infused huge amount of capital, was “misguided” and a “mistake” that led to losses in the company.He explained that PolicyBazaar invested heavily in ads, which didn’t materialise into customers