Deal Talk: Tencent invests in PolicyBazaar; NoBroker, MyGate and ShopClues receive funding
TechCircle brings you a round-up of technology investments and M&A deals reported from across newsrooms.
Chinese conglomerate Tencent has invested around $130-$150 million in ETechAces Marketing and Consulting, which owns financial services platforms PolicyBazaar and PaisaBazaar, Entrackr reported, citing sources.
The deal was completed three-four weeks ago at a valuation of $1.5 billion, according to the report.
Tencent will acquire around 7%to 10% equity in Gurugram-based ETechAces.
ETechAces, founded in 2008 by Yashish Dahiya and Alok Bansal, raised $150 million in a funding round led by SoftBank Vision Fund in May this year.
NoBroker and MyGate
Real estate platform NoBroker Technologies Solutions is all set to raise around $130 million in a round led by private equity investors Tiger Global Management and General Atlantic, The Economic Times reported, citing sources.
The funding is expected to raise the valuation of the startup to $400 million, the report added.
In June 2019, General Atlantic led a $51 million investment round in the Bengaluru-based startup.
That round also saw participation from existing investors SAIF Partners and Beenext.
NoBroker's focus on being a transaction-led and asset-light business is attracting investors, said an anonymous investor who spoke to ET.
NoBroker was founded in 2013 by Amit Kumar Agarwal, Akhil Gupta and Saurabh Garg.
Tiger Global is also leading a $55-$60 million round in security management app MyGate.
Run by Bengaluru-based Vivish Technologies, MyGate was founded by former India Air Force pilots Abhishek Kumar and Vivaik Bharadwaj along with Shreyans Daga, an alumnus of the Indian School of Business, Hyderabad.
The company had raised $8.8 million in a Series A round led by Prime Venture Partners in October 2018.
Gurugram-based ecommerce marketplace ShopClues has received around $1 million from its parent Clues Network, Entrackr reported, citing the company's RoC filings.
ShopClues has allotted 4,320 equity shares to Clues Network Inc at a price of Rs 18,200 share each, the report said.
ShopClues last raised $16 million in August 2018.
TechCircle had reported earlier that ShopClues had approached Snapdeal with a merger offer.
Nexus Venture Partners, a common investor, was believed to be orchestrating a potential deal. The investor-brokered deal was eyeing to merge ShopClues with Snapdeal in an all-stock transaction.
The Economic Times later reported that the deal did not go through as Snapdeal found significant pending liabilities on the ShopClues' balance sheet.