Online financial services platform Policybazaar.com has raised $5 million (INR 27 crore) from Inventus Capital Partners and existing investors, Info Edge and Intel Capital, reports Business Line
Funds raised would mainly be used for strengthening the brand, platforms, and customer service. Yashish Dahiya CEO, Policybazaar.com said that this round will allow them to invest for enhancing customer experience and creating a consumer centric brand.
Speaking on the investment, Parag Dhol, Managing Director, Inventus Advisory Services (India) said, “As the Indian financial services industry evolves to transparent products, a neutral platform for information on such products is a godsend for value-conscious Indian consumers.”
Launched in June 2008 Policybazaar, had earlier raised Rs 20 crore from Infoedge in September 2008, and it had raised another Rs 40 crore from Infoedge and Intel Capital, in April 2011.
Founded by Yashish Dahiya, Policybazaar is an online insurance aggregator with tie-ups with over 40 financial institutions across the country, it helps to compare the prices and key features of different financial products like Life Insurance, General Insurance, Loans and Credit Cards. It helps to get free insurance quotes and one can compare plans based on multiple features.