Fintech On Fire: PolicyBazaar Becomes India’s Newest Unicorn; Investors Pump In Rs 1300 Cr!
Except Premji, all other investors participated in the funding round
PolicyBazaar, the 10 year old fintech startup has now become the newest Unicorn in India. They attained the status after investors pumped in record $200 million+, encouraged by its growth and vision.
This newest round of investment and valuation has set fintech niche on fire in India!
PolicyBazaar: The Newest Unicorn In India!
EtechAces Marketing and Consulting Pvt. Ltd, the parent company which runs both PolicyBazaar and PaisaBazaar has received a fresh round of funding of $200 million+ from SoftBank Group’s Vision Fund and their existing investors: Temasek, Tiger Global Management, True North.
Except Premji Invest, all other existing investors have taken part in this round of funding.
After the funding, the overall valuation of PolicyBazaar has now surged to $1 billion.
Yashish Dahiya, co-founder and chief executive said, “SoftBank’s culture of backing disruptive businesses and industry leaders with long-term capital investment gels well with our own values and vision of creating a transparent and empowering financial products marketplace.”
Munish Varma, partner at SoftBank Investment Advisers expressed his confidence over this investment, and hopes that the portal is able to attract a new wave of insurers in the country.
Besides fintech, foodtech is also showing excellent possibilities, as Swiggy became a Unicorn this week, after they received $200 million of funding.
If we talk about venture capital funding, then Bigbasket’s $300 million funding early this year is the largest round of funding raised in 2018.
What Next For PolicyBazaar?
PolicyBazaar wants to achieve exponential growth now, and now empowered with the latest funding round, they have made their goals pretty straight.
As per the insider sources, PolicyBazaar is now aiming for 80% growth year on year, and wants 1 crore transacting customers by the end of 2020.
As of now, PolicyBazaar accounts for 25% of all life insurance policies being taken in India, 7% of India’s retail health insurance business. PolicyBazaar attracts 10 crore visitors per year, and processes 300,000 transactions per month.
Their major competitors as of now are:
- BankBazaar, run by A&A Dukaan Financial Services Pvt. Ltd and backed by Sequoia Capital
- Digit Insurance, backed by Fairfax Financial Holdings
- Coverfox, newly launched fintech startup which raised $22 million recently
- Acko, backed by Amazon which funded $12 million recently.
PolicyBazaar’s elevation as a Unicorn has set the fintech industry on fire, as the niche promises new developments, and new growth.
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