United States (US) based technology giant Google is looking to invest $150 million in Softbank-backed online insurance platform PolicyBazaar for a minority stake of 10 per cent, reports Economic Times.
This comes within weeks of the Google's chief executive Sundar Pichai's announcement that the technology major will be investing $10 billion in India over the coming five to seven years, betting big on the prospects of the Indian digital market and increasing its presence in the same.
If and when materialised, the transaction would mark Google's second investment in India since Pichai's announcement, with the first being a massive $4.5 billion investment in Mukesh Ambani owned Jio Platforms for a 7.73 per cent stake.
The current major investors in PolicyBazaar include Softbank's Vision Fund, US-based Tiger Global and Chinese tech giant Tencent. It is likely that Softbank which holds a 15 per cent share in the company might make a partial exit as Google takes a minority share.
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