InfoEdge invests Rs 20 crore (for 49% stake) in eTechAces, online insurance distributor

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.

Other products in similar category: iTrust.in, RateKhoj, PaisaWaisa, InvestmentYogi