Business

Policybazaar Raises Over $200 Million Funding Led By Softbank Vision Fund

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| June 26 , 2018 , 18:37 IST

ETechAces Marketing and Consulting Pvt, the parent company of PolicyBazaar, an online insurance company based in Gurugram and India's lending marketplace PaisaBazaar raised over $200 million series F funding on Monday led by SoftBank’s Vision Fund. Both companies were negotiating the deal for last six months. 

With this mammoth investment, the company's worth has shot up to more than 1 billion dollars.

According to media reports, existing investor Info Edge Ltd, a parent company of Naukri.com, Temasek, Tiger Global Management, True North, and PremjiInvest also took part in Funding rounds but no information about rounds or the valuation is confirmed.

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.”

Softbank has also previously invested in tech companies like Paytm, OYO, and Flipkart, Snapdeal, Ola, Grofers, mobile advertising firm InMobi and messaging app Hike.

Also Read: Confirmed: SoftBank Group To Invest USD 1.4 Billion In Paytm

PolicyBazaar is India’s leading insurance brand and has played a pivotal role in redefining the way India buys insurance today. Policybazaar was founded in 2008 by IIT Delhi and IIM Ahmedabad graduates Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar.  Policybazaar last year revenue was $33.8 Million.

“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.” said Yashish Dahiya, co-founder, Palicybazaar.