Fri. Mar 29th, 2024

PolicyBazaar, which is an online insurance policy aggregator, has closed a new funding round by raises ₹500 crore. It was led by global asset management firm Wellington Management, with participation of True North and IDG Ventures India.

Along with these new investors, the round also witnessed participation of its existing investors — Tiger Global Management, PremjiInvest, and Temasek, among others.

As per the reports, this new funding round values the Gurgaon-based company at about $500 million. However, the claim could not be independently verified.

The proceeds from the latest round will be used to finance the expansion of PolicyBazaar into international markets, beginning with the Middle East, by the end of the current calendar year.

Founded in the year 2018 by Yashish Dahiya, the company has so far raised around ₹1,000 crore. Commenting on this new funding round and how the company will spend money, Yashish said:

We are planning to invest in technology, customer service, and towards geographical expansion. The focus will continue to be on creating awareness about the importance of protection products, which we feel, will be the drivers of the insurance industry.

The online segment has witnessed many activities in recent times. In June, Coverfox raised about ₹96 crore in Series C round. Unilazer Ventures increased its stake in online insurance policy aggregator EasyPolicy in June.

Coverfox is also reportedly looking to shift its business focus towards term life insurance — a vertical that was introduced on the platform a few months ago.

Recently, Acko General Insurance received final license from the insurance regulator. The startup is now looking to start operations by December, with major focus on selling auto, travel and health insurance products to retail customers.

By Jeet