Gurgaon-based PolicyBazaar raises Rs 500 crore from True North, IDG Ventures
Started in 2008, the company had so far raised about USD 86 million excluding this fresh round.
Moneycontrol News
Gurgaon-based online policy aggregator PolicyBazaar has raised a fresh round of funding of about Rs 500 crore funding from investors such as True North, IDG Ventures India and Wellington Management.
Existing investors Temasek and Tiger Global also participated in the round which has reportedly valued the firm about around half a billion dollars.
Started in 2008, the company had so far raised about USD 86 million excluding this fresh round.
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.
The company has other investors like PremjiInvest, Inventus Capital Partners, Steadview Capital and InfoEdge.
The company sells insurance products on its platform, while its subsidiary PaisaBazaar sells loans and credit cards online.
