Info Edge India Ltd had said in a filing to Bombay Stock Exchange about the agreement entered into by the Company subject to requisite regulatory & other approvals including that of Foreign Investment Facilitation Portal (FIFP) as may be applicable with SVF India Holdings (Cayman) Limited (\Soft Bank\) whereby it was proposed to jointly invest by the Company & Soft Bank through a subsidiary i.e. Diphda Internet Services Ltd. (\Diphda\) an amount equivalent to about USD 90 Mn. in Etechaces Marketing & Consulting Pvt. Ltd. (\Etechaces\).
FIFP has suggested the parties to submit the application with certain revisions. Diphda would be making a fresh application in this regard for seeking FIFP approval in connection with amount proposed to be invested by Soft Bank through Diphda in Etechaces.
Meanwhile the Company has invested a sum of INR 3446317440 (approx. USD 5OMn.) through its currently wholly owned subsidiary Diphda and further sum of INR 689537295 (approx. USD 10Mn.) through wholly owned subsidiary Startup Investment (Holdings) Ltd. in Etechaces.
Etechaces Marketing & Consulting Pvt. Ltd. is a fintech and marketing company which works extensively in the financial sector (insurance and non-insurance) and offers an on line marketplace for insurance products under the name & style of www.policybazaar.com and for other financial products like loans and credit cards under the name & style of www.paisabazaar.com. During the FY 2017-2018 Etechaces recorded consolidated net sales of Rs.3339.3 Mn.