Unilazer additionally invested over $6.7 million in the Delhi-NCR based startup. The fund believes there’s space for more than one player in the online insurance market.
Unilazer Ventures, a private equity and venture capital firm floated by Ronnie Screwvala, has raised its stake in online insurance comparison platform, Easypolicy. Unilazer additionally invested over $6.7 million in the Delhi-NCR based startup. The fund believes there’s space for more than one player in the online insurance market.
The company has raised funds to scale its B2C and B2B business and to build awareness of the brand. The company is also in talks with investors to raise another $22.28 million, according to media reports. The company had earlier crossed its $1.49 million in monthly premiums and was growing at a run rate of $17.82 million.
Other investors in the company include names like Burman Family Holdings, which has a 4-5 percent stake, while the company’s founders, Alok Bhatnagar, Divyanshu Tripathi and Neeraj Aggarwala own equity of about 25 percent.
Ronnie Screwvala has stepped back from making new bets, the fund is rather aiming to focus on existing portfolio companies like ed-tech startup UpGrad, online marketplace ShopClues, and eyewear startup Lenskart. Screwvala further specified that he is not looking to hold an operational role in the company.
According to a recent report by FICCI, the insurance industry in India has reached the inflation point. It’s still grappling with new technology. The digitisation push by the authorities and companies are getting more and more users online for insurance related transactions.
Recently, another online insurance brokerage platform Coverfox raised over $22 million from a member of World Bank, IFC. Online insurance company PolicyBazaar is also close to hitting the $1 billion mark with its last investment falling in from Softbank ($200 million).
According to another report by Accenture, over 80 percent of executives expect insuring agents/companies to better portray themselves in the digital world.