Mumbai-based Unilazer Ventures, owned by Ronnie Screwvala has raised its stake in online insurance policy aggregator EasyPolicy and reached to a majority position in the Noida-based insurance agency. After the recent transaction, Unilazer Ventures holds 55% stake in the company. The company steps back from making any fresh transactions and to focuses on its existing portfolio and uplifting UpGrad, the online education company was founded in 2015 with the idea to provide a better interface and to compete with other education portals.
Ronnie Screwvala also commented that “The entire insurance sector is pushing to massively increase penetration and make insurance affordable and we want to be part of that ecosystem and initiative” while being asked about the growth by ET, he said that “In the startup ecosystem, you often have to create markets. Here, the market already existed, but you need to channelize it because the growth potential is maximum.”
Previously, Unilazer Ventures invested Rs 15 Crore in the company and acquire a stake of about 20% and in the latest transaction, they invested Rs 21 crore and now holds 55% stake in the company.