Tencent Holdings Bags 10% Stake In PolicyBazaar For $1.5 Bn
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India, Nov. 9 -- Chinese multinational conglomerate Tencent Holdings has reportedly acquired 10% minority stake in Indian insurance aggregator PolicyBazaar worth $1.5 Bn. The deal was signed earlier this week.
Tencent Holdings recently entered the fintech sector with funding for neobanking platform NiYo. Other companies in Tencent's India portfolio include messaging app WeChat, which has a minor presence in India, besides unicorns Ola, BYJU's and Swiggy.
Founded in 2008 by Alok Bansal, Avaneesh Nirjar and Yashish Dahiya, PolicyBazaar Group has two entities: PolicyBazaar and PaisaBazaar. The company was founded in 2008 as a web aggregator and comparison website for insurance products. The platform also lists products from all major insur...
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