Online insurance aggregator PolicyBazaar has raised more than $200 million in a new round of funding led by SoftBank Vision Fund.
ETechAces Marketing & Consulting or ETechAces, the owner of insurance comparison portal PolicyBazaar.com, announced funding by a group including SoftBank Vision Fund and existing investors including Info Edge (India). ETechAces also owns lending marketplace PaisaBazaar.com.
The parent company of job search portal Naukri.com. SoftBank Vision Fund, the world’s biggest private-equity fund, is an investment vehicle of Japan’s SoftBank Group.
Yashish Dahiya, co-founder and group CEO, EtechAces said, “We are very pleased to welcome Softbank Vision Fund on board as our stakeholder. We hope to gain a lot from their (SoftBank’s) global footprint and experience”.
Munish Varma, the partner at SoftBank Investment Advisers, said: “Over the last decade, PolicyBazaar has become synonymous with online insurance shopping in India.”
Mr. Dahiya also said, “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.”
PolicyBazaar raises over $200 million from the SoftBank-led investor group. SoftBank Vision Fund has also invested in other Indian companies including cab-hailing firm Ola.
PolicyBazaar, which was founded in 2008, said it currently accounts for nearly a quarter of India’s life cover, and more than 7 percent of the retail health business. PolicyBazaar.com hosts over 100 million visitors yearly and records sale of nearly 300,000 transactions a month, the statement added.