ETechAce started PaisaBazaar.com, an online financial marketplace for investment and lending products, in 2014.
ETechAces-run insurtech brand PolicyBazaar has raised over $200 million in Series F investment led by venture capital fund giant SoftBank Vision Fund, with participation from existing investors including InfoEdge.
PolicyBazaar was found in 2008 by Yashish Dahiya, Avaneesh Nirjar and Alok Bansal, and provides a “go-to channel” for consumers to compare insurance products, offering them ease to buy instantly and helping them make informed decisions.
PolicyBazaar.com says it hosts over 100 million visitors yearly and records sales of nearly 300,000 transactions a month. Currently, PolicyBazaar.com accounts for nearly 25% of India’s life cover, and over 7% of India’s retail health business. It accounts for roughly half of all internet-based insurance purchase in the country and is more than doubling annually. The company hopes to achieve 10 million transacting customers by 2020.
Munish Varma, partner at SoftBank Investment Advisers, said, “We believe that the Indian insurance market continues to remain massively under-developed and PolicyBazaar, supported by SoftBank’s capital and ecosystem, is uniquely positioned to dramatically increase the adoption of insurance products in the country.”
In 2014, PolicyBazaar’s parent company ETechAce started PaisaBazaar.com, an online financial marketplace for investment and lending products.
As per Boston Consulting Group’s (BCG) estimates, digital influence on insurance purchases will grow to 50% for life insurance and 75% for general insurance by 2020. This translates to nearly Rs 1,20,000 crore of new insurance premiums being digitally influenced by 2020.