SoftBank in Talks to Back India Insurance Startup

SoftBank Group Corp. is in talks to back leading online insurance aggregator PolicyBazaar at a valuation of at least $800 million, according to people familiar with the matter.

The two sides are examining how the Japanese company can take a stake without pushing foreign investment in PolicyBazaar above 49 percent, the limit under India’s regulatory policies, said one of the people, asking not to be identified because the matter is private. The discussions are still fluid and may not result in a final agreement. The startup’s existing foreign investors, including Tiger Global Management and Temasek Holdings, hold about 48 percent of the startup. It was valued at $500 million in its last funding round, signed at the end of 2016 and finalized a year later.