Gurgaon-based eTechAces Marketing and Consulting Pvt Ltd, the company which runs and operate online insurance aggregator, PolicyBazaar, has raised $40 Mn funding in its Series D round from PremjiInvest. PolicyBazaar, had previously raised $20 Mn in series C, $5 Mn in series B, $4.6 Mn in series A and an undisclosed amount in May 2011.
The round also saw participation its existing investors Tiger Global and Ribbit Capital. Besides these, the round also attracted money from Steadview Capital and ABG Capital.
The round values PolicyBazaar at around INR 1200 Cr.
Yashish Dahiya, Alok Bansal and Avaneesh Nirjar started PolicyBazaar in 2008, the website features products from all major Insurance companies in India, helping users compare through various insurance plans and narrowing down on the insurance policy which best suits an individual’s needs. After that they facilitate online purchase of insurance policy for those who are seeking both life insurance and non-life insurance (have reached over 5,000,000 customers).
The funding will be used for upgrading the technology, marketing and building out the company’s recently launched platform PaisaBazaar.com which is into loans, credit cards, mutual funds, corporate deposits, gold funds and exchange-traded funds (ETFs).
PolicyBazaar now has over 1,500 employees.