India’s leading online insurance comparison portal, Policybazaar has been fueled up heavily by PremjiInvest, the personal investment vehicle of Wipro chairman Azim Premji, among a set of existing and new investors. According to VCCircle, the fresh round of funding raised a whooping INR 248 crores ($40 million) for the Gurgoan based company.
Tiger Global and Ribbit Capital were among the existing investors, while Steadview Capital and ABG Capital were the new investors among those participated in the Series-D round.
As the part of legal advisor authority for Policybazaar, Samvad Capital was also present.
In May last year, PolicyBazaar.com had raised $20 million in its Series C round of funding from Tiger Global and Ribbit Capital. Prior to that, the company had raised $5 million led by Inventus Capital Partners. Existing investors Info Edge and Intel Capital also took part in that round.
With this deal, New York-based Tiger Global, which currently is the most prolific backer of India’s booming internet economy, will now be owning 30% stake in Policybazaar, the largest shareholder in the financial tech venture.
Gurgaon-based ETechAces Marketing and Consulting, which runs Policybazaar and PaisaBazaar.com, was started by Dahiya, Alok Bansal and Avaneesh Nirjar in 2008.
Policybazaar.com, which is accountable for 51% Indian ownership cap in the domain (as stipulated by the government for the insurance sector), will be using freshly raised funds in educating Indian consumers about insurance through extensive use of mass media.
PolicyBazaar described themselves on their website as, “Started with a team of three first-time entrepreneurs, today we have a 1,500+-strong team committed in providing the best-in-class insurance solutions to Indian consumers. We owe our success to our comparison engine which is the result of intense research and periodic updation of data. Here, we help you find the insurance plan that best suits your needs, after factoring in the features and benefits you wish to avail, at a price you can afford.”