Gurgaon-based Online insurance policy aggregator PolicyBazaar has raised $77 Million (Rs. 500 Crore) equity funding in a round led by global asset management firm, Wellington Management.
The round also saw participation from IDG Ventures India and PE firm True North along with Tiger Global Management, Singapore government-run Temasek and PremjiInvest.
Founded in 2008 by IIT Delhi and IIM Ahmedabad alum Yashish Dahiya, PolicyBazaar has, till date, raised about Rs 1,000 crore.
Yashish Dahiya, Founder and CEO of PolicyBazaar 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 funds will be used to improve technology, acquire fresh customers and foray into new geographies such as Dubai, said a PolicyBazaar spokesperson. The fresh round could give PolicyBazaar an edge over its other smaller rivals such as CoverFox and EasyPolicy, which also sell insurance online.
Policybazaar grew 30% to Rs109 crore while losses widened 72% to Rs110 crore in 2015 -2016. The companys valuation is estimated at $500 Million post the latest round of funding.
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