India-based PolicyBazaar raises $75M in order to expand in the middle east market | MENA startups, innovation, and tech news

Blog

India-based PolicyBazaar raises $75M in order to expand in the middle east market
News

India-based PolicyBazaar raises $75M in order to expand in the middle east market

PolicyBazaar has raised around $75M in order to expand its network in the middle east market. The funding was led by US-based Falcon Edge Capital. The company had experienced a 66% increase in revenue to $70M in FY2020 but had also experienced a loss of around $20M.

The company is now getting ready to list itself publicly. According to the news, PolicyBazaar is supposed to go public by this September at a valuation of $3.5B. The company is finalizing the merchant bankers, six of them are going to handle the IPO of the company.

PolicyBazaar, an Indian startup established in the year 2008 designs different beneficial insurances for the people and analyzes the financial products. It was founded by Yashish Dahiya, Alok Bansal, and AvaneeshNirjar. The investors of the company are Wellington Management, PremjiInvest, Tiger Global Management, Inventus Capital, Tencent Holdings, and True North.

Dahiya while talking about the company during an interview said that: “It’s in insurance where there’s a pressing need. India’s middle classes almost never have health or life insurance.  Less than a fourth of the 45 million Indians who currently do subscribe to an individual health plan is adequately covered for chronic diseases like diabetes and high blood pressure. The rest of them have ‘a’ plan. In recent years, a government-funded program has covered half a billion of India’s underprivileged. But middle India has no support at all.”

The company turned into a unicorn when SoftBank led over $200 million in financing the company in the year 2018.  This month, Bay Capital-backed PB Fintech, the holding company of PolicyBazaar in a secondary transaction.

Neeraj Gupta, the CEO of the company stated: “So far, we have sold sum assured worth $100 million through our term life insurance products and we intend to scale this figure to $1 billion in the next 12 to 18 months,”

The two companies: PolicyBazaar and PaisaBazaar both are working under the PB Fintech banner. According to the statistics, PaisaBazaar reported INR 229 Cr revenue with total expenses of INR 252.9 Cr. The advisory platform reported a 4.1% increase in losses to INR 101.1 Cr from INR 97.3 Cr reported in the previous year.

 

“We aspire to bring the powerful solution that we offer customers and manufacturers in India, to the UAE. The coming financial year, we aim to scale five times in size and scale,” Dahiya said.

News

India-based PolicyBazaar raises $75M in order to expand in the middle east market

Related posts

Leave a Reply

Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.