PolicyBazaar Receives more than $200 Million Funding from SoftBank Vision Fund
PolicyBazaar.com and PaisaBazaar.com, owned by ETechAces Marketing & Consulting firm announced that they’ve signed a round funding for over $200 million series with SoftBank Vision Fund along with the existing investors InfoEdge (Naukri.com)
Munish Varma, Partner, SoftBank Investment Advisers, says, “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”.
Founded in 2008, PolicyBazaar established online as a ‘go-to-channel’ for customers to compare insurance products and they paved the vital path on purchasing insurance. It also offers ease to buy instantly and helping them make informed decisions. PolicyBazaar specializes in making comparative analysis of the insurance products of various insurance policies based on price, quality and key benefits.
Yashish Dahiya, Co-Founder & Group CEO, EtechAces, says, “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”.
However, Boston Consulting Group (BCG) estimates that digital influences on insurance purchases grow to 50 percent for life insurance and 75 percent for general insurance by 2020 and this implies nearly 1,20,000 crore of new insurance premiums being digitally influenced by 2020. PolicyBazaar enables it to grow at a CAGR of 80 percent over the next three years achieving ten million transacting customers by 2020.
Read more news: