PolicyBazaar, an online insurance selling startup has raised around ₹190 crores ($27.7 million) from its existing investors, Info Edge India Ltd and Temasek. It is part of the ₹1375 crores ($200 million) funding round led by SoftBank Vision Fund last month.
The funding round valued PolicyBazaar at ₹6800 crores ($1 billion), pushing the startup into the elite unicorn club-an industry term for startups valued at $1 billion or more.
In a regulatory filing with the stock exchange, Info Edge India Ltd, the parent company of Naukri.com disclosed that this joint investment with Temasek, Singapore governments sovereign investment arm, through a special purpose vehicle in exchange for a 3.5% stake. Both Info Edge India Ltd and Temasek invested around ₹95 crores ($13.86 million) each.
As a consequence of this investment, Makesense Technologies Ltd, the SPV that facilitated the joint investment between Temasek and Info Edge India Ltd, will hold a total of 19.92% stake in ETechAces Marketing & Consulting Pvt. Ltd, the parent company of PolicyBazaar.
PolicyBazaar was founded by Yashish Dahiya, Avaneesh Nirjar and Alok Bansal in 2008 with its headquarter in Gurugram. It provides a variety of insurance products for its customers like life insurance, health insurance, motor insurance, travel insurance, home insurance, etc.
It has partnered with all the major insurance providers like Aviva Life Insurance, HDFC Life, SBI Life Insurance, TATA AIG insurance, Reliance General Insurance, etc. This helps it to provide the facility to compare different life insurances for its customers.
It has over 250 insurance plans for its customers to choose from and has provided over 10 crore insurance cover to its customers.
PolicyBazaar is a major player in the online insurance selling platform and with the latest investment, it is set to proceed with its plans to tackle its competitors more aggressively. Its competitors in this space include PaisaBazaar and Coverfox among others. PolicyBaazar is also looking to expand to overseas, exposing it to a wider customer base.