Gurgaon-based, online financial services platform Policybazaar is looking to raise INR 400 crore Premji Invest and Iconiq Capital with participation from existing investors Tiger Global and Kanwal Rekhi-led Inventus Capital Partners.
As per an ET report, the funds raised would be used to build a global distribution system which can provide real-time insurance quotes for agents across India as well as to develop mobile application based marketplace for agents and brokers to get a quote or fix a meeting.
Launched in June 2008, Policybazaar, had previously raised INR 20 crore from InfoEdge in September 2008, and it had raised another Rs 40 crore from InfoEdge and Intel Capital, in April 2011. Last year, the firm had received INR 27 crore from Inventus Capital Partners and existing investors, InfoEdge and Intel Capital. In April this year, the company had secured around INR 130 crore from Tiger Global Management.
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.
Earlier this month, Premji Invest bought a 1 per cent stake in HDFC Life Insurance for a deal amount of 185 crore.