Insurtech PolicyBazaar raises $200m investment led by SoftBank
Insurance web aggregator PolicyBazaar raised more than $200 million in a new investment round led by the SoftBank Vision Fund.
ETechAces Marketing & Consulting which owns India’s PolicyBazaar.com and India’s marketplace, PaisaBazaar.com has signed for an over $200 million Series F investment round led by SoftBank Vision Fund, with participation from existing investors including InfoEdge.
Created in 2008, PolicyBazaar is an online platform for consumers to compare insurance products, offering advice while enabling consumers to buy insurance products instantly.
Munish Varma, partner at SoftBank Investment Advisers, said: “Over the last decade, PolicyBazaar has become synonymous with online insurance shopping in India. We believe that the Indian insurance market continues to remain massively under-developed and PolicyBazaar, supported by SoftBank’s capital and ecosystem, is uniquely positioned to dramatically increase the adoption of insurance products in the country.”
Yashish Dahiya, co-founder & group CEO, EtechAces, said: “We are very pleased to welcome Softbank Vision Fund on board as our stakeholder. SoftBank’s culture of backing disruptive businesses and industry leaders with long-term capital investment gels well with our own values and vision of creating a transparent and empowering financial products marketplace. We hope to gain a lot from their global footprint and experience.”
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