ETechAces Marketing & Consulting, which operates PolicyBazaar.com, has raised over $ 200 million, led by SoftBank Vision Fund.
The series F funding round also saw participation from existing investors, including InfoEdge (Naukri.com).
“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,” Yashish Dahiya, co-founder and group CEO of EtechAces, said.
“Indian insurance market remains massively under-developed and PolicyBazaar, supported by SoftBank’s capital and ecosystem, will increase the adoption of insurance products in the country,” SoftBank Investment Advisers Partner Munish Varma said.
PolicyBazaar.com, which allows people to buy insurance products online, hosts over 100 million visitors yearly and records sale of nearly 300,000 transactions a month.
Founded in 2008, PolicyBazaar’s investors include Temasek, Tiger Global Management, True North, InfoEdge (Naukri.com), Premji Invest, besides investments from other PE funds and family offices.
