JOIN USETechAces, which owns insurtech brand, PolicyBazaar.com, has announced that it has raised over $200 million (approximately Rs 1,362 crore) in a Series F investment round led by SoftBank Vision Fund, with participation from existing investors including InfoEdge (Naukri.com).
PolicyBazaar, launched in 2008, helps consumers in comparing insurance products, offering them ease to buy instantly and helping them make informed decisions. With the conclusion of this funding round, the total funds raised by Policybazaar.com amounts to $346.6 million.
As per the Boston Consulting Group (BCG) estimates, digital influence on insurance purchases will grow to 50% for life insurance and 75% for general insurance by 2020. This translates to nearly Rs 1,20,000 crore of new insurance premiums being digitally influenced by 2020. PolicyBazaar believes this will enable it to grow at a CAGR of 80% over the next three years achieving 10 million transacting customers by 2020.
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.”
Yashish Dahiya, Co-founder & Group CEO, ETechAces said, "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.”
PolicyBazaar.com hosts over 100 million visitors yearly and records sale of nearly 3,00,000 transactions a month. Currently, PolicyBazaar.com accounts for nearly 25% of India’s life cover, and over 7% of the country's retail health business. It accounts for roughly half of all internet based insurance purchase in the country, and is more than doubling annually.