Online insurance retailer, PolicyBazaar is likely to get investment round of up to INR 400 Cr. from Premji Invest and San Francisco- based Iconiq Capital. Gurgaon-based ETechAces Marketing and Consulting, runs the insurance aggregation portal.
The deal is expected to close early next year which will include participation from existing investors Tiger Global and Kanwal Rekhi-led Inventus Capital Partners as will and will mark a fourth round of funding.
Premji Invest is the family office of Wipro chairman Azim Premji and Iconiq Capital counts Facebook founder Mark Zuckerberg and LinkedIn’s Reid Hoffman as investors.
According to Yashish Dahiya, co-founder of PolicyBazaar said that the term sheets have already been signed with a few of the investors for this fresh round of funding. However, he declined to share the names of the investors.
Earlier in May, PolicyBazaar had raised about $20 Mn in a round led by Tiger Global.
According to the reports, the company will use the funds in technology and talent and have enough cash to sustain for next 3-4 years. At present the company books annual premium of about INR 500 Cr. for over 42 general and life insurance firms. EasyPolicy is the rival of PolicyBazaar.