Total amount raised
$1.1 Billions
Latest funding date
Location
PolicyBazaar has successfully raised significant funding through multiple rounds, with its latest being a Post-IPO Secondary round. The platform offers a comprehensive solution for comparing and purchasing various insurance policies, catering to a wide range of customer needs.
Keep reading to delve into the details of PolicyBazaar's funding journey and discover the key investors who have backed this innovative insurance marketplace.
What Is PolicyBazaar?
PolicyBazaar, founded in June 2008 in Gurgaon, Haryana, India, is an insurance broker that offers a platform to compare and buy insurance policies from various providers. The company was established by Alok Bansal, Avaneesh Nirjar, Manoj Sharma, Tarun Mathur, and Yashish Dahiya.
PolicyBazaar provides an online platform and mobile application for comparing and purchasing insurance policies, including health, term life, travel, motor insurance, and investment products. The platform helps users compare different insurance plans based on parameters like coverage, premium, benefits, and exclusions.
With a workforce of over 10,001 employees, PolicyBazaar continues to innovate and expand its offerings, making insurance more accessible and transparent for consumers.
How Much Funding Has PolicyBazaar Raised?
- Funding Round Details:
- Amount Raised: $150M
- Date: November 2019
- Lead Investors: Tencent
- Valuation at Round: $1.5 billion
- Motivation Behind the Round: To scale operations and prepare for future growth.
- Funding Round Details:
- Amount Raised: $50M
- Date: July 2020
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance product offerings.
- Funding Round Details:
- Amount Raised: $80M
- Date: July 2020
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support business expansion and technological advancements.
- Funding Round Details:
- Amount Raised: $20M
- Date: November 2020
- Lead Investors: True North
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance market presence and operational capabilities.
- Funding Round Details:
- Amount Raised: $45M
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and align the shareholder base.
- Funding Round Details:
- Amount Raised: $75M
- Date: March 2021
- Lead Investors: Alpha Wave Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations in the UAE and Middle East.
- Funding Round Details:
- Amount Raised: ₹2.7B
- Date: November 2022
- Lead Investors: WF Asian Smaller Companies Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen financial position and support growth initiatives.
- Funding Round Details:
- Amount Raised: ₹8.7B
- Date: October 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance market leadership and expand product offerings.
- Funding Round Details:
- Amount Raised: Not specified
- Date: July 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing business operations and strategic initiatives.
- Funding Round Details:
- Amount Raised: ₹16.7B
- Date: August 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand market reach and enhance technological infrastructure.
Total Amount Raised: $420M
Current Valuation: Not publicly disclosed
Key Investors
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a venture capital fund managed by SoftBank Group, known for making large-scale investments in technology companies. It is one of the largest technology-focused investment funds in the world.
- Investment Focus Areas: Technology, telecommunications, energy
- Notable Investments: Uber, WeWork, Alibaba
- Tencent
- Details: Tencent is a Chinese multinational conglomerate holding company. It is known for its investments in internet-related services and products, entertainment, AI, and technology.
- Investment Focus Areas: Internet services, artificial intelligence, fintech
- Notable Investments: JD.com, Meituan-Dianping, Snap Inc.
- Falcon Edge Capital
- Details: Falcon Edge Capital is a global alternative asset manager that invests in public and private markets. The firm focuses on high-growth companies.
- Investment Focus Areas: Public markets, private markets, high-growth companies
- Notable Investments: Ola, Delivery Hero, Zomato
- True North
- Details: True North is a private equity firm that invests in mid-sized profitable businesses in India. It has a strong focus on healthcare, financial services, and consumer sectors.
- Investment Focus Areas: Healthcare, financial services, consumer sectors
- Notable Investments: Manipal Hospitals, Fincare Small Finance Bank, Biocon
- InfoEdge
- Details: InfoEdge is an Indian internet company that operates several online classifieds businesses. It is one of the early investors in PolicyBazaar.
- Investment Focus Areas: Internet services, online classifieds, technology
- Notable Investments: Zomato, Naukri.com, Shiksha.com
What's Next for PolicyBazaar?
PolicyBazaar's expansion into the Middle East, particularly the UAE, presents a significant growth opportunity. With a $75 million investment from Falcon Edge Capital, the company aims to develop customized motor, health, and life insurance products tailored to the region. This move aligns with the broader trend of Indian companies venturing into international markets, leveraging their digital platforms to meet localized needs.
As PolicyBazaar prepares for its IPO, expected to raise substantial capital, the company is well-positioned to attract further investments. The increased awareness and demand for insurance products post-COVID-19 also provide a fertile ground for growth. However, challenges such as navigating regulatory environments, competition from established local players, and cultural differences may require strategic adjustments.
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