Mumbai:
Insurance web aggregator PolicyBazaar raised more than $200 million in a new investment round led by the SoftBank Vision Fund.
ETechAces Marketing & Consulting which owns India’s PolicyBazaar.com and India’s marketplace, PaisaBazaar.com has signed for an over $200 million Series F investment round led by SoftBank Vision Fund, with participation from existing investors including InfoEdge.
Munish Varma, Partner at SoftBank Investment Advisers, said, “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: “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.”
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.