The much talked about Serum Institute Of India is now again in news but this time it is for it’s investment in the leading insurance aggregator platform Policy Bazaar. The news came out on Friday that the company holds a minority stake in Policy Bazaar.
Let’s look at the details by getting into the matter.
DETAILS
The Serum Institute Of India Private Limited which is led by Adar Poonawala has bagged a share in policy bazaar through the company True North.
True North recently sold a part of its stake in the insurance company and that stake was taken over by 5 independent buyers mentioned below:
- Ashoka India Equity Investment Trust Plc
- Triumph Global Holdings Pte Limited
- Serum Institute Of India Private Limited
- IIFL Special Opportunities Fund
- India Acorn Fund Limited
The sale was done last year during the month of October although the coampny is there for the next period of growth.
The partner at True North; Divya Sehgal stated that the partnership has been great during the time span of 3 years. The company has made it apart from all the challenges and hopefully True North will remain a partner and help the company to reach public markets as soon as possible.
Policybazaar CEO ;Yashish Dahiya said, “True North has been and continues to be a good friend, advisor and has supported us as an investor through the last few years. We are grateful for that, and glad to see them having a good partial exit, we welcome on board the new shareholders. True North continues to be an investor and we thank them for the confidence.”
INSIGHTS INTO POLICY BAZAAR
Founded in the year 2008; the company has been able to serve a huge population of more than 250 households in the nation. They have close to 4 lakh policies that are sold every month. They achieved 10 million customers by the year 2019. Up till now the company managed to raise in 7 rounds of funding since its inception. The major investors are Chiratae Ventures, Prem Ji Invest, Ribbit Capital and Wellington Management Company.
TIMINGS OF THE FUNDING
The timing of the funding is quite great as the venture is looking forward to hit the markets in this year itself and it is expected that it will raise a huge fund of $ 500 million.
On the other hand; Serum Institute has been an active investor in the nation’s fintech sector since last year. It bought a stake in NBFC Magma Fincorp for Rs. 3450 crore and also has partnerships with different other start-ups.
Policy Bazaar & SII both right now hold a lucrative segment. The former gives protection in case of mis-happenings while the latter has already led a great contribution in the pandemic. Both are somewhat collaborating in to serve the greater motive of building a strong health & insurance ecosystem