PolicyBazaar secures USD 77 M in Series E for its online insurance aggregation platform

Online insurance aggregator PolicyBazaar secures USD 77 M for Series E

PolicyBazaar

Founders: Yashish Dahiya, Alok Bansal and Avaneesh Nirjar

Founded in: 2008

Financing status: USD 77 million for Series E round in 2017

Gurgaon-based online insurance aggregator Policybazaar has raised USD 77 million in a Series E funding round led by investment management firm Wellington Management.

The round also saw participation from IDG Ventures India and PE firm True North, in addition to existing backers such as Tiger Global Management, PremjiInvest, and Singapore government-run Temasek.

PolicyBazaar was founded in 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar. The three previously worked at First Europa, which provides online car insurance comparison services. Dahiya, an INSEAD MBA graduate, previously co-founded First Europa for which Bansal was previously finance director and Nirjar operations director.

PolicyBazaar is India’s leading online life insurance and general insurance aggregator. It is specialized in making comparative analyses of insurance products based on three criteria: price, quality, and key benefits. Based on user input’s, various options in the desired insurance product are showcased to the user. PolicyBazaar has partnered with main public and private insurance companies across India. Its partners are from life insurance, health insurance, car insurance, travel insurance, corporate insurance and loan sectors.

The startup will use the newly raised investment to expand across international markets, particularly, the Middle East.

(Top photo from Pixabay)

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