Serum Institute Acquires Stake In Policybazaar; True North Sees Part Exit

Serum Institute Acquires Stake In Policybazaar; True North Sees Part Exit

SUMMARY

Serum Institute and four others bought a portion of True North's holding in PolicyBazaar

PolicyBazaar is expected to file its IPO draft prospectus by next month

True North had conducted the first tranche of its stake sale in October 2020 and will continue to remain invested in PolicyBazaar

Vaccine manufacturer Serum Institute Of India and four other entities have bought a stake in online insurance aggregator PolicyBazaar. They acquired a portion of homegrown private equity firm True North’s holding in the company. True North made a partial exit through the transaction.

True North had conducted the first tranche of its stake sale in October 2020 and continues to be invested in PolicyBazaar for its next phase of growth, according to a company statement released on Friday. This move comes at a time when PolicyBazaar is preparing for its initial public offering (IPO) in India. 

True North has sold a part of its holding, to a clutch of five independent buyers – vaccine maker Serum Institute of India (SII), Ashoka India Equity Investment Trust, Triumph Global Holdings, IIFL Special Opportunities Fund Series 8 and India Acorn Fund.

“We’ve had a great partnership with PolicyBazaar over the last three years. We are extremely pleased with the company’s sustained growth momentum and efficiency in delivering great results in spite of the challenging market conditions. We will continue to support PolicyBazaar as it heads towards public markets in the next 12-15 months and scripts many more success stories,” said Divya Sehgal, Partner, True North.

Yashish Dahiya, CEO, Policybazaar said that True North has been and continues to be a good advisor and has supported PolicyBazaar as an investor through the last few years. “We are grateful for that, and glad to see them having a good partial exit, we welcome on board the new shareholders,” said Dahiya.

In November 2020, Mumbai-based retail pharmacy chain Wellness Forever raised INR 130 Cr from Serum Institute CEO Adar Poonawalla and another investor. 

PolicyBazaar’s IPO Plans

Founded in 2008 by IIT Delhi and IIM Ahmedabad alumni Yashish Dahiya, Alok Bansal and Avaneesh Nirjar, PolicyBazaar is an online platform allowing users to purchase insurance policies, ranging from life insurance to car insurance and even two-wheeler insurance. It aggregates products from all major insurance companies in India.

According to data on Crunchbase, to date, the company has raised $766.6 Mn in 13 funding rounds from 22 investors. Its most recent funding round was in March 2021, when it raised a $75 Mn private equity round led by Falcon Edge Capital.

As per latest reports, PolicyBazaar could file its draft prospectus for an IPO in India by as early as next month. The company is seeking to raise around $500 Mn from its initial listing in India, but Dahiya has previously said that the company is open to a dual listing if the rules change. Several Indian tech startups such as Zomato, InMobi, Flipkart, Droom, Grofers and Delhivery, are planning to go for IPOs this year.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Serum Institute Acquires Stake In Policybazaar; True North Sees Part Exit-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Serum Institute Acquires Stake In Policybazaar; True North Sees Part Exit-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Serum Institute Acquires Stake In Policybazaar; True North Sees Part Exit-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Serum Institute Acquires Stake In Policybazaar; True North Sees Part Exit-Inc42 Media
Serum Institute Acquires Stake In Policybazaar; True North Sees Part Exit-Inc42 Media
You’re in Good company