The portal has raised USD 20 million in a Series C round of funding, the company said in a statement, adding that the existing investors did not participate in the current round.
The company, however, did not disclose the names of the investors who participated in this round.
"We will be infusing this capital to ramp up our technology and work towards enhanced customer experience, seamless platforms and an extensive range of product offerings," PolicyBazaar.com CEO and co-founder Yashish Dahiya said.
"We will also use this investment to focus on increasing the awareness levels of our services and brand to educate the customers on the advantages of comparing insurance products before making any purchase decision," he added.
Dahiya said the portal has grown 28 times in the past 3 years and will aim to grow 10 times in the coming 3 years, taking "our premium collection figures to Rs 2,000 by 2017-18".
PolicyBazaar.com said it has played a key role in developing the online insurance market in India and has been associated with almost every leading insurance brand, retailing up-to-date products in Life, Health, Car insurance, ULIP, Child plans and retirement.