Gurgaon-based ETechAces Marketing and Consulting which runs and operate online insurance aggregator PolicyBazaar is soon going to close an INR 300 Cr. funding round led by PremjiInvest and the Steadview Capital. As per media reports, this round will value PolicyBazaar at about INR 1200 Cr.
This news comes in just a few months after, PolicyBazaar’s news of raising a funding round of INR 400 Cr. sufficed in media.
Last year in May, the company had raised over $20 Mn in a Series C round led by Tiger Global. Prior to that, PolicyBazaar had raised $5 Mn in Series B round led by Inventus Capital Partners and $4.6 Mn in Series A round led by Intel, Inventus and InfoEdge in 2013.
Its existing investors i.e. Tiger Global and Ribbit Capital have also participated in the latest fundraise. This round will make Tiger Global the largest stakeholder in PolicyBazaar with 30% in the company. InfoEdge & Temasek may also put an additional INR 100 Cr. in the company.
The reports also states that its early investors like Intel Capital, have made some secondary sale of shares to Tiger; Inventus Capital and Intel will not be participating in the latest round.
Yashish Dahiya, co-founder of PolicyBazaar, said the company was still a few weeks away from closing the fundraise. “We saw a very high level of interest from foreign investors but due to regulations around FDI they could not be accommodated in this round.”
The funds will be used in educating Indian consumers about insurance through extensive use of mass media, he said.
PolicyBazaar and PaisaBazaar.com, was launched by Yashish Dahiya, Alok Bansal and Avaneesh Nirjar in 2008.