InfoEdge has invested Rs. 20 crores in eTechAces for 49% stake (valuation @ 40 crore).
eTechAces is an insurance aggregator and enables comparison across different insurance products as well as distribution of financial products online.
Stats on Online Sales of Financial products
- 18% of financial products are sold online in India
- Comparing costs have become more important than evaluating product details (48% Vs 42%).
- Search engines play a major role in accessing other websites – more statistics on financial products
While financial products show strong growth, let’s take a look at online bill payment trend:
Stats on Online Bill Payment
- Average Indian household in the top 10 Indian cities pays approximately 50 bills annually, in finance, insurance, telecommunication and utility-based companies, besides the usual electricity, water, house tax and other civic levies.
- 28% of Mumbai’s population availed of e-billing transactions followed by 22% of Delhi, 12.5% of Chennai, 12% of Bangalore, and 5.2% of Hyderabad.
- 75% of cell phone possessor choose online medium for payment of their bills – more stats on online bill payment
eTechAces currently offers insurance products only and plans to offer loans comparison/buying in the near future.