ⓘ Featured image: A file-photo of Yashish Dahiya, CEO of Policy Bazaar
Gurgaon, India-based PolicyBazaar, owned by the PB Fintech Pvt. Ltd., on Thursday, announced that it has raised a gigantic sum of $75 million led by the US-based hedge fund Falcon Edge Capital, for expanding to the UAE and West Asia.
Speaking of the development, Neeraj Gupta, CEO at PolicyBazaar UAE, in a statement said,
“So far, we have sold sum assured worth $100 million through our term life insurance products and we intend to scale this figure to $1 billion in the next 12 to 18 months,”
The insurtech and fintech giant, PolicyBazaar turned into a unicorn in 2018 when Softbank led an over $200 million round for the company.
Other notable backers of PolicyBazaar include Premji Invest, Temasek, Steadview Capital, Ribbit Capital and True North.
In October 2020, Falcon Edge Capital had acquired a stake in PolicyBTazaar via a secondary transaction. Mumbai-based private equity firm True North also sold a partial stake at that time. Earlier this month, Bay Capital infused an undisclosed amount in PolicyBazaar.
Founded in 2008 by Yashish Dahiya and Alok Bansal, PB Fintech operates a total of seven businesses. It runs online insurer Policybazaar, online marketplace of financial products Paisabazaar, a call centre operator Icall Support Services, online healthcare services provider Docprime Technologies, and motor vehicle claims and related assistance services provider Accurex Marketing and Consulting.
The company will operate as PB Fintech FZ LLC in the United Arab Emirates (UAE).
The expansion of India’s fintech giant Policybazaar in the UAE is yet another story reflecting an ever-booming India-UAE startup ecosystem relationship. Keeping all such cases of India to MENA startup expansions, we at LAFFAZ, took the liberty to launch INDO-MENA Corridor, an integrator focused on Indian and MENA (Middle East & North Africa) startup ecosystems – connecting tech startups with potential investors, and advisors through a seamless application process accompanied with knowledge-sharing delivered through virtual events hosted by LAFFAZ.