Online insurance aggregator Policybazaar has become India’s latest unicorn after raising over $200 million in a fresh funding round led by SoftBank’s Vision Fund.
Online insurance aggregator Policybazaar has become India’s latest unicorn after raising over $200 million in a fresh funding round led by SoftBank’s Vision Fund. The funds were raised in Series F investment led by venture capital fund giant SoftBank Vision Fund, with participation from existing investors including InfoEdge, the company said. The online insurance platform that was founded in 2008 by Yashish Dahiya, Avaneesh Nirjar and Alok Bansal, provides a platform to customers in order to different compare insurance products, offering them ease to buy instantly and helping them make informed decisions.
Policybazaar.com, that is run by EtechAces Marketing and Consulting Pvt Ltd, has been valued at more than a billion dollars, the company said on Monday.
“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,” PTI reported citing Munish Varma, partner at SoftBank Investment Advisers.
Top fundraises by major startups this year:
BigBasket: The company raised $300 million in the month of February.
Swiggy: The company raised $210 million in the month of June.
Zomato: The company raised $200 million in the month of June.
Policybazaar was founded in the year 2008. The company says that it hosts more than 100 million visitors annually. and posts sales of nearly 300,000 transactions per month. At present, the insurance aggregator accounts for about 25 percent of India’s life over. It accounts for over 7 percent of country’s retail health business. It accounts for roughly half of all internet-based insurance purchase in the country and is more than doubling annually. Policybazaar hopes to achieve 10 million transacting customers by 2020.
ETechAce , that is Policybazaar’s parent company started PaisaBazaar.com in 2014, that is an online financial marketplace for making investment and lending products.