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Noida-based online insurance policy aggregator, Easypolicy, has raised about $2 Mn (INR 15 Cr) in a fresh round of funding led by Ronnie Screwvala’s private investment firm Unilazer Ventures.
This round also saw participation from early-stage investor Anil Jain, founder and managing director of Refex Energy, and Burman Family Office, the investment arm of the Burman family, promoters of fast-moving consumer group conglomerate Dabur India.
Founded in 2011 by Alok Bhatnagar, Divyanshu Tripathi and Neeraj Aggarwala, EasyPolicy, is an insurance comparison website that helps in choosing an insurance plan for its customers by providing information for both – life and non-life insurance policies, across categories.
To help get the right insurance policy, the startup has an advanced search, comparison and filter features.
How It Works:
- Easypolicy maintains a real-time updated records of insurance companies and their products. When a user feeds in their basic information to get the quote, Easypolicy runs calculations to fetch the most relevant and reliable quotes from different insurers.
- Users can select the required product, and can choose the online form to book their policy.
- Depending upon the type of product, users receive insurance policy immediately or with the user’s proposal, it can be forwarded to the chosen insurance company
The startup will use the funds to further build its technology platform, enhance its product portfolio, and strengthen its marketing team.
Easypolicy is Unilazer Ventures’ second investment in 2016. Earlier this week, it had invested in an online gadget accessory store DailyObjects.
In this space, earlier in April, Gurgaon-based eTechAces Marketing and Consulting Pvt Ltd, the company which runs and operates online insurance aggregator, PolicyBazaar, had raised $40 Mn funding in its Series D round from PremjiInvest. While in July, Chennai-based digital financial services platform, BankBazaar, raised $60 Mn (INR 375 Cr) in its Series C round of funding.
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