New Delhi/ Mumbai, May 29, 2014: PolicyBazaar.com, the leading destination for online insurance in India, today announced that it has raised $20 million (INR Rs 119 crore) in a Series C round of funding. The capital is expected to be utilized to further strengthen the portal’s technology and place increased emphasis on brand awareness. The company’s existing investors did not participate in the current round.
The future plans of PolicyBazaar.com are directed towards consolidation of its position in the digital space and enable customers to make informed investment decision. The company has played an important role in the development of online term insurance and will now further build on increasing awareness and knowledge about key insurance products to plan for death (term), disability (personal accident), health, major critical illnesses, Retirement insurance & child education costs (pension/investment plans).
Speaking on the funding, Mr. Yashish Dahiya, CEO & co-founder, PolicyBazaar.com said, “This development re-instates our core belief that both the consumers and industry will benefit equally through online comparison and retail of financial products like insurance. Immense faith has been placed in our platform which is evident in our substantial growth in the last six years. We will be infusing this capital to ramp up our technology and work towards enhanced customer experience, seamless platforms and an extensive range of product offerings. We have grown 28 times in the past 3 years and will aim to grow 10X in the coming 3 years and take our premium collection figures to Rs. 2,000 by 2017-18. We will also use this investment to focus on increasing the awareness levels of our services and brand to educate the customers on the advantages of comparing insurance products before making any purchase decision.”
The digital platform has worked well for the aggregation space; in India travel websites have capitalized the comparison space extremely well, and internationally UK is a very strong example of the values that the aggregation platform brings. Insurance and financial services aggregation is powerful in the UK where the sector growth is driven by aggregators and not the insurance companies. PolicyBazaar.com has played an integral role in developing the online insurance market in India and will continue to do so. Associated with almost every leading insurance brand, the portal showcases and retails up-to-date products in Life, Health, Car insurance, ULIP, Child plans and retirement. The company’s industry knowledge, focus on user interface and innovative technologies have led it to gain a leading market share in the online insurance market. PolicyBazaar.com was awarded the “Best Financial Website” at the IAMAI Digital Awards 2014.
About PolicyBazaar.com:
Policybazaar is India’s largest online financial services platform and is an InfoEdge (Naukri.com), Intel Capital, and Inventus Capital Investee Company. The company began operations in 2008 as a key force in establishing an informative online financial services platform in India. Over the next six years the company has marked a staggering growth in terms of revenue and customer acquisition to become the largest online aggregator in India. Policybazaar.com boasts of over 20 million unique visitors each year who compare the best suited financial products for them and the sale of over 20,000 policies on a month.
Policbazaar.com specializes in making easy purchase decision by helping the consumer with analysis of financial products based on price, quality and key features. The portal showcases an array of insurance plans offered by a reputed pool of insurers as well as up-to-date information on financial products and prompt, solution driven customer service.
Owing to our customer centric approach, we’ve gained a huge credibility across the nation. More than 5 million registered users log on to our website to compare and buy plans from the leading insurers.