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May - 2013 - issue > Venture Beat

PolicyBazaar takes '27 Crores in Series B Funding to Enhance its Platform

SI Team
Tuesday, April 30, 2013
SI Team
PolicyBazaar, an Indian online life insurance and general insurance comparison portal has secured Rs.27 crores in Series B funding. Inventus Capital Partners led this second round of funding, in which the existing investors Info Edge and Intel Capital also put in money. The company has raised Rs.85 crores till date.
This is the first Info Edge backed company to raise additional funding from an external investor. The company will use the funds to strengthen the brand and improve platform to enhance customer experience. Talking about the investors interest in the company, Yashish Dahiya, CEO, PolicyBazaar, says, “Insurance is a sector in need of transformation through innovation and we provide them with insurance comparison, develops technology along with various other services. Venture Capitalists see us as innovation drivers and look forward to be a part of our success story.”

With over 20 million odd unique visitors who use the platform, less than a quarter a million buy. PolicyBazaar is committed to ensure the transaction number crosses one million a year within next 24 months.

Founded in 2008, Policybazaar.com is a 1300 employees strong team. It is keen to work with insurers to improve their platform from a consumer e-commerce perspective and reduce their cost of acquisition. “We are now partnering with insurers who are keen to go online and helping them build up platform through which they can sell their products,” adds Dahiya.

The company sees the demand growing through the confusion created by the unorganized agent network led insurance sales process. With customers becoming smarter and products becoming more consumer friendly, consumers are looking for sites like Policybazaar to find the best products.

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