Total amount raised
$1.1 Billion
Latest funding date
8/1/2024
Location
PolicyBazaar has successfully raised funds through 17 funding rounds, with the latest being a Post-IPO Secondary round. The platform offers a comprehensive service for comparing and purchasing various types of insurance policies, partnering with over 50 insurance companies.
Keep reading to explore the intricacies of PolicyBazaar's fundraising journey and the investors backing this innovative platform.
What Is PolicyBazaar?
PolicyBazaar, headquartered in Gurgaon, Haryana, India, is a leading insurance broker platform. Founded to simplify the insurance buying process, it offers a comprehensive service for comparing and purchasing various types of insurance policies, including life, health, motor, and home insurance.
With over 10,000 employees, PolicyBazaar partners with more than 50 insurance companies to provide competitive pricing and extensive coverage options. The platform is publicly traded under the ticker NSE: POLICYBZR and has raised significant funding through multiple rounds.
How Much Funding Has PolicyBazaar Raised?
- Post-IPO Secondary
- Amount Raised: INR 16,681,500,000
- Date: August 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to existing shareholders and support ongoing business operations.
- Post-IPO Secondary
- Date: July 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to existing shareholders and support ongoing business operations.
- Post-IPO Secondary
- Amount Raised: INR 8,710,000,000
- Date: October 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to existing shareholders and support ongoing business operations.
- Post-IPO Equity
- Amount Raised: INR 2,710,000,000
- Date: November 2022
- Lead Investors: WF Asian Smaller Companies Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance technology infrastructure.
- Private Equity
- Amount Raised: USD 75,000,000
- Date: March 2021
- Lead Investors: Alpha Wave Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support expansion into the Middle East, particularly the UAE.
- Secondary Market
- Amount Raised: USD 45,000,000
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to existing shareholders.
- Secondary Market
- Amount Raised: USD 20,000,000
- Date: November 2020
- Lead Investors: True North
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to existing shareholders.
- Series H
- Amount Raised: USD 50,000,000
- Date: July 2020
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance technology infrastructure.
- Secondary Market
- Amount Raised: USD 80,000,000
- Date: July 2020
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to existing shareholders.
- Series G
- Amount Raised: USD 150,000,000
- Date: November 2019
- Lead Investors: Tencent
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance technology infrastructure.
Total Amount Raised: USD 1,000,000,000
Current Valuation: Not publicly disclosed
Key Investors
- Societe Generale
- Details: Societe Generale is a French multinational investment bank and financial services company. It is one of the oldest banks in France, offering a wide range of financial services.
- Investment Focus Areas: Investment banking, asset management, securities services.
- Notable Investments: PolicyBazaar, ALD Automotive, Lyxor Asset Management.
- SBI Mutual Fund
- Details: SBI Mutual Fund is one of the largest mutual fund companies in India. It is a joint venture between the State Bank of India and Amundi, a European asset management company.
- Investment Focus Areas: Mutual funds, asset management services.
- Notable Investments: PolicyBazaar, HDFC Bank, Reliance Industries.
- Falcon Edge Capital
- Details: Falcon Edge Capital is a New York-based investment firm. It focuses on long-term value creation across global public and private markets.
- Investment Focus Areas: Technology, consumer, financial services.
- Notable Investments: PolicyBazaar, Ola, Delivery Hero.
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a venture capital fund managed by SoftBank Group. It is known for making large-scale investments in technology companies globally.
- Investment Focus Areas: Technology, internet, AI, robotics.
- Notable Investments: Uber, WeWork, ByteDance (TikTok), Didi Chuxing.
- Tiger Global Management
- Details: Tiger Global Management is an American investment firm. It focuses on public and private companies in the global internet, software, consumer, and financial technology industries.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify, Flipkart.
What's Next for PolicyBazaar?
PolicyBazaar's future looks promising as it expands into the Middle East, particularly the UAE. This region offers significant growth potential, with a $75 million investment aimed at developing customized motor, health, and life insurance products. The familiarity of the Indian community in the UAE with PolicyBazaar's brand values further enhances this opportunity.
With an upcoming IPO targeting a $3.5 billion valuation, PolicyBazaar is poised to raise substantial capital to fuel its expansion and technological advancements. The increased awareness and demand for insurance products due to the COVID-19 pandemic also present a favorable environment for growth.
However, challenges such as adapting to new regulatory environments, managing operational costs, and maintaining profitability amidst competition remain. Navigating these hurdles will be crucial for PolicyBazaar as it aims to solidify its presence in the Middle East and continue its growth trajectory.
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