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<ul><li><a href="https://www.businessinsider.in/business/startups/news/logistics-startup-delhivery-files-for-a-nearly-1-billion-ipo/articleshow/87481889.cms" data-type="tilCustomLink"></a><keyword id="696009" type="General" weightage="20" keywordseo="policybazaar" source="Orion">PolicyBazaar</keyword> launched its public issue on November 1, at a price band of ₹940-₹980.</li><li>Investors have bid for 5.47 crore shares from 3.45 crore shares open for subscription.</li><li><keyword id="11111226" type="General" weightage="20" keywordseo="pb-fintech" source="Orion">PB Fintech</keyword> intends to raise ₹5,709 crore at a valuation of $6.1 billion (₹45,500 crore).</li></ul>The initial public offering (IPO) of PB Fintech — the parent company of insurance selling platform PolicyBazaar and lending platform PaisaBazaar — has been subscribed by 1.59 times in the first two days of its initial public offering (IPO). PolicyBazaar, which intends to raise ₹5,709 crore at a valuation of $6.1 billion (₹45,500 crore), launched its public issue on November 1 and today is the last date to subscribe. The shares are available at a price band of ₹940-₹980. The lot size has been set up at 15 shares, taking the value of one lot to ₹14,700. Overall, investors have bid for 5.47 crore shares from 3.45 crore shares open for subscription. Retail investors subscribed to PolicyBazaar’s IPO 2.04 times. Qualified institutional buyers (QIB) have subscribed to the Policybazaar’s IPO by 2.08 times and non-institutional investors have subscribed 23%. Overall, the IPO was subscribed 1,59 times. <div type="Video" msid="87578802" hostid="261" title="Here's why Policybazaar founders chose to go public" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=87578802"></div> According to <a href="https://www.livemint.com/market/ipo/policybazaar-ipo-gmp-subscription-status-other-details-should-you-subscribe-11635732095036.html">reports</a>, <keyword id="12401663" type="General" weightage="20" keywordseo="policybazaar-shares" source="Orion">Policybazaar shares</keyword> are available at a premium of ₹150 in the grey market. You can easily <a href="https://www.businessinsider.in/business/startups/news/policybazaar-ipo-will-open-today-here-is-how-to-apply-via-bank-and-apps-like-zerodha-paytm-money/articleshow/87370279.cms">apply to the Policybazaar IPOs </a>via mobile applications of new age investment platforms like Zerodha, Paytm, Upstox and others. PolicyBazaar’s IPO will include fresh issue of ₹3,759 crore and an offer for sale (OFS) of ₹1,959 crore from existing investors. According to PB Fintech’s red herring prospectus (RHP), the company will use ₹1500 crore of the proceeds to create brand awareness for PolicyBazaar and PaisaBazaar. Besides this, PolicyBazaar will also invest an additional ₹600 crore on funding strategic investments and acquisition. The company will also invest capital to grow its user base both online and offline as well as build its presence online. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/logistics-startup-delhivery-files-for-a-nearly-1-billion-ipo/articleshow/87481889.cms" data-type="tilCustomLink">Logistics startup Delhivery files for a nearly $1 billion IPO</a> <a href="https://www.businessinsider.in/finance/banks/news/former-sbi-chairman-pratip-chaudhuris-arrest-will-lead-to-policy-paralysis-say-experts/articleshow/87482347.cms" data-type="tilCustomLink">The arrest of former SBI chief Pratip Chaudhuri may prevent bankers from making any risky decisions, say experts</a> <a href="https://www.businessinsider.in/business/telecom/news/elon-musk-owned-starlink-forms-subsidiary-in-india-will-soon-apply-for-licenses/articleshow/87480590.cms">Elon Musk-owned Starlink forms subsidiary in India, will soon apply for licenses</a>

PolicyBazaar IPO — Today is the last day to subscribe, grey market premium at ₹150

<ul><li>The <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> policy portal received $238 million in a funding round led by <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">Softbank</keyword>. </li><li>The deal involved the sale of a 20% stake in <keyword id="696009" type="COMPANY" weightage="20" keywordseo="Policybazaar">PolicyBazaar</keyword>. </li><li>PolicyBazaar will use the funds to achieve its growth and acquisition targets. It plans to reach 10 million customers by 2020. </li></ul>Swiggy had barely settled into its spot on the list of India’s newest unicorns and it’s already been unseated by PolicyBazaar. The online aggregator, which helps consumers compare different insurance policies, has received a $238 million investment in a funding round led by Japanese <keyword id="6358815" type="UNKNOWN" weightage="20" keywordseo="tech">tech</keyword> giant Softbank, facilitated through its Vision Fund. Softbank is no stranger to India’s technology sector, becoming something of a unicorn-builder with investments in Paytm, Flipkart and OYO Rooms. The funding round involved the sale of over a 20% stake in PolicyBazaar by its owner, ETechAces Marketing and Consulting. As part of the investment, Softbank took a 14% stake in PolicyBazaar for around $150 million. EtechAces also owns PaisaBazaar, which compares different loans and credit card rates from banks. Reports first surfaced in January 2018 that Softbank was in talks to invest in PolicyBazaar. At the time, the funding round was said to value the portal at around $800 million. A company with big plans Founded in 2008 by three IIT alumni, PolicyBazaar nullifies the role of agents and intermediaries by allowing consumers to pick and choose between different policies from all of India’s major insurers. It reportedly earned close to ₹20 billion in revenue in fiscal 2018 and currently has around 300,000 transactions per month. As insurance penetration in India increases and the ecosystem develops, PolicyBazaar will be of great help to millions of people looking to purchase a policy online. It is looking to reach 10 million customers by 2020 and is also planning to expand into the healthcare consultation space. Prior to the latest funding round, PolicyBazaar had raised around ₹10 billion from investors, having reportedly earmarked ₹5 billion for acquisitions and growth initiatives, particularly in the reinsurance space. Reinsurance involves insurance for insurance companies. In December 2017, it was said to be mulling an initial public offering (IPO) as part of a plan to triple its valuation from $500 million. Following the Softbank investment, it still maintains that it will go public in the near future. A decision on an IPO is expected by September 2018.

PolicyBazaar becomes India’s latest unicorn after Softbank investment

<ul><li>Over 50% of <keyword id="12056148" type="General" weightage="20" keywordseo="pb-fintech-ipo" source="Orion">PB Fintech IPO</keyword> has been subscribed on the first day of the IPO bidding process.</li><li>The company intends to raise ₹5,709 crore with this public issue, at a valuation of $6 billion.</li><li>PolicyBazaar will use this funding to make strategic investments and acquisitions.</li><li>You can easily apply to the IPOs via mobile applications of new age investment platforms like Zerodha, Paytm, Upstox and others.</li></ul>The initial public offering (IPO) of PB Fintech, the parent company of insurance selling platform PolicyBazaar and lending platform PaisaBazaar, has been subscribed by over 50% on the first day of IPO. The IPO of the company started today and has subscribed 0.58 times on the first day. Shares allotted to retail investors have been subscribed 1.23 times. You can easily <a href="https://www.businessinsider.in/business/startups/news/policybazaar-ipo-will-open-today-here-is-how-to-apply-via-bank-and-apps-like-zerodha-paytm-money/articleshow/87370279.cms">apply to the Policybazaar IPOs </a>via mobile applications of new age investment platforms like Zerodha, Paytm, Upstox and others. Overall, investors have bid for 1.85 crore shares from 3.20 crore shares open for subscription. According to <a href="https://www.livemint.com/market/ipo/policybazaar-ipo-gmp-subscription-status-other-details-should-you-subscribe-11635732095036.html">reports</a>, Policybazaar shares are available at a premium of ₹150 in the grey market. The IPO started on November 1 and will close on November 3 with a price band of ₹940 - ₹980 per share. The issue size of the IPO is ₹5,709 crore consisting of a fresh issue of ₹3,759 crore and an offer for sale of ₹1,959 crore by its existing shareholders. The company said it will use ₹1500 crore of the IPO proceeds to create brand awareness for PolicyBazaar and PaisaBazaar. Besides this, PolicyBazaar will also invest an additional ₹600 crore on funding strategic investments and acquisition. Further, promoters are <a href="https://economictimes.indiatimes.com/tech/startups/policybazaar-founders-to-cut-sale-of-own-shares-in-ipo-by-85-90/articleshow/87446355.cms">reportedly </a>selling a lot fewer shares than they had initially planned with the belief that the stock has significant headroom for growth post listing. PolicyBazaar is one among a slew of tech IPOs to hit the Indian exchanges this year. It is also one of the country’s top fintech startups ⁠— the other one being Paytm ⁠— going for a public issue soon. 95% of PolicyBazaar’s revenue comes from commissions from insurance companies on selling policies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/there-are-five-ipo-openings-in-the-next-15-days-of-november-including-paytm-policybazaar/slidelist/87455241.cms#slideid=87455871">The next ten days are big for IPO investors ⁠— hope you have cash set aside</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/policybazaar-ipo-the-grey-market-is-paying-150-a-share-extra-to-buy-the-shares-before-the-ipo/articleshow/87453983.cms">Policybazaar IPO ⁠— the grey market is paying ₹150 a share extra to buy the shares before the IPO</a>

Policybazaar IPO: Second day to subscribe to the IPO, grey market premium at ₹150

<ul><li>Policybazaar has raised $150 million from <keyword id="212412" type="COMPANY" weightage="20" keywordseo="Tencent">Tencent</keyword>. </li><li>The investment is a secondary transaction with <keyword id="526777" type="COMPANY" weightage="20" keywordseo="Tiger-Global">Tiger Global</keyword> exiting partially. </li><li>Policybazaar’s valuation now stands at $1.5 billion. </li></ul>Chinese investment giant Tencent has bought a 10% stake in one of India’s largest online insurance selling platform⁠ Policybazaar. The Tencent investment comes in as a secondary transaction, with Tiger Global exiting partially, a source confirmed to Business Insider. According to <a href="https://www.thenewsminute.com/article/tencent-buys-10-stake-policybazaar-15-billion-112104">reports</a>, Tencent has pumped in $150 million for the stake in the startup. With this, Policybazaar’s valuation now stands at $1.5 billion. With this funding, Policybazaar will continue to grow in the insurtech sector while its subsidiary company Paisabazaar too continues to do well, said the source. According to <a href="https://economictimes.indiatimes.com/industry/banking/finance/insure/insurance-industry-to-touch-280-billion-by-fy20-assocham/articleshow/65740339.cms">reports</a>, the Indian insurance industry is set to grow to $280 million by 2019-20. Launched in 2008, Policybazaar is also backed by other investors like Softbank, Infoedge etc. Earlier this year, the Yashish Dahiya-led startup also fell in trouble with the Insurance Regulatory and Development Authority of India. The IRDAI had <a href="https://www.livemint.com/money/personal-finance/insurance-regulator-fines-policybazaar-rs-1-11-crore-for-violating-rules-1567076147163.html">slapped a fine</a> of ₹1.11 crores on the startup for multiple violations, including being found guilty of misleading advertisements for vehicle insurance in India. See also: <a href="https://www.businessinsider.in/business/news/thomas-cook-indias-travel-business-is-hit-by-the-closure-of-jet-airways-cox-kings-and-more/articleshow/71964971.cms">Thomas Cook India’s business is hit by bankruptcies, political unrest and heat wave</a>s

Tencent joins Softbank as investor in one of India’s largest online insurance selling platform⁠ Policybazaar.com as Tiger Global sells part stake

<ul><li>Zomato's share price dipped another 10% on Monday, January 24.</li><li>The company's shares were trading at ₹102 at 9:42 a.m.</li><li>The company had fallen below its listing price on Friday.</li></ul>The sell-off in Indian equity markets has taken the wind out of some of the hottest tech startups that got listed in the last few months. Most of them, including Zomato, Nykaa and PolicyBazaar, are trading way below their listing price and much of the gash has come in the last three weeks, On January 24, one of the top losers in this basket was Zomato, which fell 18%. Analysts like Abhay Agarwal, founder and fund manager at Piper Serica, <a href="https://www.livemint.com/market/stock-market-news/why-zomato-shares-have-plunged-over-12-in-5-days-should-you-buy-the-stock-11642751883576.html">believe</a> that this fall in the markets is driven primarily by market correction in Nasdaq over the last month. The market cap of the food aggregator dropped to ₹74,109 crore (almost $10 billion) compared to the peak valuation of <a href="https://www.google.com/amp/s/m.economictimes.com/tech/tech-bytes/zomato-nykaa-shares-hit-all-time-highs/amp_articleshow/87666388.cms">$15 billion </a>on November 12. <div type="image" title="There are huge discounts on Nykaa, Zomato and shares of other listed tech startups" msid="89088052" hostid="261"></div> It's not just Zomato, other tech companies like Policybazaar, MapmyIndia (CE Info Systems) and Paytm are facing similar trends too. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing Price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current Price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change since Dec 31 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zomato </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹116 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹92.95 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-34% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nykaa </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,001 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,776 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-13% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,950 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹921 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-31% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PolicyBazaar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,150 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹822 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-13.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MapmyIndia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,581 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,502 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-17.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EaseMyTrip </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹212.25 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹543 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+7.20% </td></tr></tbody><tbody></tbody></table>Note: Share price at 11:06 am on January 24 Source: BSE The shares of beauty and cosmetics ecommerce company Nykaa hit an all-time low as its shares fell down to ₹1,776 on Monday. The shares of Nykaa have shed 30% of their value from the record high of ₹2,574 touched on November 26. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-results-q3-fy22-profit-revenue-subscriber-growth/articleshow/89034299.cms">Reliance Jio is making the most money it has ever made from its subscribers</a> <a href="https://www.businessinsider.in/business/telecom/news/government-owning-vodafone-idea-is-just-half-the-task-the-other-half-is-to-find-the-money/articleshow/88836355.cms">Government owning Vodafone Idea is just half the task – the other half is to find the money</a> <a href="https://www.businessinsider.in/business/telecom/news/we-finally-know-why-the-vodafone-idea-stock-rallied-over-50-in-the-last-one-month/articleshow/88311430.cms">We finally know why the Vodafone Idea stock rallied over 50% in the last one month</a>

There are huge discounts on Nykaa, Zomato and shares of other listed tech startups

<ul><li>The Chennai-based <keyword id="4621694" type="PERSON" weightage="20" keywordseo="Freshworks">Freshworks</keyword> has raised $100 million in a funding round led by Sequoia Capital, Accel Partners and CapitalG, giving it a $1.5 <keyword id="55426" type="COMPANY" weightage="20" keywordseo="billion">billion</keyword> valuation. </li><li>It has become the fifth Indian <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> of 2018 along with Byju, Paytm Mall, Swiggy and PolicyBazaar. </li><li>Freshworks will use the latest investment to expand its platform, add clients in new markets and integrate AI into its core service offering.</li></ul> After Byju, Paytm Mall, Swiggy and PolicyBazaar, India now has a fifth addition to a rarified group of startups with $1 billion valuations this year. Chennai-based Freshworks, a software as a service (<keyword id="6395918" type="UNKNOWN" weightage="20" keywordseo="SAAS">SaaS</keyword>) provider, has raised $100 million in a funding round led by Sequoia Capital, Accel Partners and CapitalG, which has given it a valuation of $1.5 billion. <div type="javascript" title="Custom"><cdata><![CDATA[
 
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 Freshworks commenced operations in 2010 as a customer support company - Freshdesk - before rebranding itself and branching out into software services. It currently offers businesses a variety of services, ranging from IT systems, sales management software and customer service. It competes with the likes of Zendesk and Salesforce and has over 150,000 clients across the world including Cisco, Toshiba, Honda, Bridgestone and the University of Pennsylvania. The company has raised $250 million to date. Its last major capital infusion came in 2016, wherein Sequoia led a $55 million funding round to give it a valuation of $700 million. It recently reached around $100 million in annual recurring revenues. Freshworks will use the latest investment to expand its platform, add clients in new markets in the Asia-Pacific, Middle East and Africa and integrate artificial intelligence into its core service offering. GIven the company’s plans of an initial public offering in the near future, this is likely the last time it will take the private funding route before going public. To this effect, Freshworks also announced the appointment of Suresh Seshadri, the former VP of finance at AppDynamics, as its new chief financial officer. Seshadri was instrumental in taking AppDynamics, a San Francisco-based IT analytics company, public last year.

Freshworks just became India’s fifth entrant to the unicorn club this year

<ul><li><keyword id="18635" type="ORGANIZATION" weightage="100" keywordseo="Amazon">Amazon</keyword> led a new round of funding for <keyword id="4943836" type="LOCATION" weightage="20" keywordseo="Acko">Acko</keyword>, a digital insurance startup.</li><li>Acko’s main competition comes from sites like PolicyBachat, PolicyBazaar and Easypolicy. </li><li>Flipkart, Amazon’s primary challenger in the Indian market, has its own insurance portal called Sabin Advisors. </li></ul>After losing out on its offer to buy 60% stake in Flipkart, Amazon continues undeterred with its investments in India. The company is restarting its efforts by investing in Acko, a digital insurance startup based in the country. In its new round of funding, Acko managed to raise ₹809 million ($12 million) and also brought on a new investor, Ashish Dhawan, the founder of a private equity firm called ChrysCap. Reports of the US retail giant backing the startup have been <a href="https://tech.economictimes.indiatimes.com/news/internet/amazon-may-back-online-insurance-startup-acko/62322035">brewing</a> since January this year. Earlier, it was speculated that Amazon would come on board as a part of a new financing round of a total of ₹1 billion ($15 million). The actual amount may not be the complete billion, but it does bring Acko’s grand total up to ₹2.8 billion ($42 million). Not to mention, it’s the <a href="https://tech.economictimes.indiatimes.com/news/startups/amazon-leads-12m-funding-round-in-acko/64342454">first</a> investment by Amazon in India’s insurance sector. Founded by <keyword id="3064929" type="ORGANIZATION" weightage="20" keywordseo="Varun-Dua">Varun Dua</keyword>, one of the co-founders of Coverfox (an insurance comparison site), Acko’s main <a href="https://www.owler.com/company/ackogeneralinsurance#competitors">competition</a> comes from sites like PolicyBachat, PolicyBazaar, Easypolicy and PolicyX.com. At this point, they’re all generating more revenue than Acko. To its credit, it did <a href="https://www.owler.com/reports/acko/acko--ola--acko-partner-to-create-in-trip-insuranc/1522914840916">partner</a> with <keyword id="6354720" type="PERSON" weightage="20" keywordseo="ola">Ola</keyword> in April earlier this year to provide an ‘in-trip insurance’ program. Regardless of whether users chose to ride a cab, auto or e-rickshaw, users could opt-in for insurance that would cover the loss of property, medical expenses, ambulance transportation cover etc. The company claimed it was the first of its kind. In the future, it’s <a href="https://tech.economictimes.indiatimes.com/news/startups/amazon-leads-12m-funding-round-in-acko/64342454">possible</a> that Amazon is looking to bring those financial products to retail consumers as well. That’s probably one of the reasons why Flipkart was <a href="https://www.thenewsminute.com/article/amazon-talks-invest-rs-100-crore-online-insurance-startup-acko-technologies-74073">interested</a> in investing in Acko as well, but the deal seems to have landed in Amazon’s lap instead. That isn’t to say that Flipkart isn’t getting into insurance as well. The company was recently acquired by <keyword id="80487" type="ORGANIZATION" weightage="20" keywordseo="walmart">Walmart</keyword>, and had earlier <a href="https://www.thehindubusinessline.com/info-tech/flipkarts-bansals-diversify-kick-off-new-venture-sabin-advisors/article10007641.ece">set up</a> its own insurance business and venture capital funding called ‘Sabin Advisors’ in December, last year. Acko already has backers like Catamaran Ventures, Hemendra Kothari of <keyword id="83987" type="ORGANIZATION" weightage="20" keywordseo="DSP-Blackrock">DSP Blackrock</keyword> and Accel Partners, among others. The plan is that the company’s interface will completely be online, but for insurance claims there will operate offline centres.

Amazon invests $12 mn in Indian insurance start-up Acko

<ul><li>An American fund, owned by the Capital Group, bought one in every three shares of PB Fintech that are available for trading.</li><li>Newly-listed Sigachi, being one of the top players in its segment without any listed peer, saw its shares continue to ride the scarcity premium.</li><li>Check out the latest news, analysis and updates on <a href="https://www.businessinsider.in/stock-market/news">Business Insider</a>.</li></ul>Shares of PB Fintech ⁠— the company that owns the online insurance platform <keyword id="696009" type="General" weightage="20" keywordseo="policybazaar" source="Orion">PolicyBazaar</keyword> and [descriptor] Paisabazaar ⁠— spiked another 17% a day after its listing on the stock exchange. The shares were trading at ₹1,408.00 at 9:59 a.m. on November 16, increasing its market cap to ₹63,289 crore ($8.5 billion). The same day, Sigachi Industries, another stock that is just a day old on the Indian bourses, hit the upper circuit ⁠— which halts trading in the script temporarily ⁠— after surging 5%. An American fund, part of the Capital Group, lapped up nearly 3.5 million shares of Policybazaar at ₹1,912 a piece on Monday, <a href="https://www.chittorgarh.com/newportal/stock-nse-bulk-deals.asp">according to bulk deals from the National Stock Exchange</a>. That’s nearly 3% of the shares available for trading. The company was listed on the stock exchange yesterday, at a premium of 17% over the issue price of ₹980. The company has given another 17% returns to its investors since yesterday. The excitement around Sigachi was visible at listing ⁠— when the stock spiked over<a href="https://www.businessinsider.in/stock-market/news/shares-of-sigachi-industries-list-at-575-while-the-shares-were-allotted-at-163-per-share/articleshow/87708763.cms"> 3 times the issue price</a> ⁠— and continued on day two. Experts have advised to hold on to the Sigachi stock for long term gains given that it is one of the leading manufacturers of cellulose-based excipients in India. There are no other listed entities in this domain. The company plans to expand its business further with the capital it has raised from this public issue, which will give it an edge over other private players. “Sustained demand for microcrystalline cellulose (MCC) from various industries and the expansion programme, earnings growth momentum looks sustainable. It has been paying a dividend consistently for the last three years, which bodes well,” <a href="https://www.businessinsider.in/stock-market/news/sigachi-industries-ipo-grey-market-premium-rises-to-160/articleshow/87484497.cms">Reliance Securities had said</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/jpmorgan-takes-tesla-to-court-over-elon-musks-2018-tweets-demands-162-million/articleshow/87729405.cms" data-type="tilCustomLink">JPMorgan takes Tesla to court over Elon Musk’s 2018 tweets ⁠— demands $162 million</a> <a href="https://www.businessinsider.in/thelife/news/the-un-responded-to-elon-musks-challenge-to-prove-how-his-wealth-could-tackle-world-hunger-by-revealing-a-6-6-billion-plan/articleshow/87726851.cms" style="">The UN responded to Elon Musk's challenge to prove how his wealth could tackle world hunger by revealing a $6.6 billion plan</a> <a href="https://www.businessinsider.in/politics/world/news/elon-musk-initiates-another-twitter-fight-by-squabbling-with-bernie-sanders-over-extreme-wealth/articleshow/87706421.cms" style="">Elon Musk initiates another Twitter fight by squabbling with Bernie Sanders over extreme wealth</a>

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PolicyBazaar IPO — Today is the last day to subscribe, grey market premium at ₹150

Kritti Bhalla

PolicyBazaar becomes India’s latest unicorn after Softbank investment

Dilsher Dhillon

Policybazaar IPO: Second day to subscribe to the IPO, grey market premium at ₹150

Bhakti Makwana

Tencent joins Softbank as investor in one of India’s largest online insurance selling platform⁠ Policybazaar.com as Tiger Global sells part stake

Sanchita Dash

There are huge discounts on Nykaa, Zomato and shares of other listed tech startups

Kritti Bhalla

Freshworks just became India’s fifth entrant to the unicorn club this year

Dilsher Dhillon

Amazon invests $12 mn in Indian insurance start-up Acko

Prabhjote Gill

Policybazaar gets a boost after an American fund laps up 3.4 million shares and Sigachi hits upper circuit on the morning after listing

Kritti Bhalla

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