EasyPolicy, an online platform enabling users to compare policies, has secured an undisclosed amount of funding in its fresh round from Unilazer Ventures and Burman family office. However, the round is not yet closed.
New investors are also expected to participate in this funding round. Once the round closes, EasyPolicy is expected to be valued at around $20 million post-money.
While the amount raised by the company has not been disclosed, it is said to be in the range of $8-10 million. The funding will be used by the company to establish and strengthen its distribution system across the country’s tier-II and tier-III cities.
Further, the startup is also planning to launch a greater array of products such as two-wheeler insurance and customised small-ticket health insurance plans, among others.
Ronnie Screwvala, who leads Unilazer Ventures, said to ET:
Yes, Unilazer is supportive of the next round, and will participate. As also, (it) may lead a bridge round pre this upcoming round, so as to ensure the pace at which EasyPolicy is growing and its initiatives does not slow down.
Founded in 2011, Easypolicy aims to make insurance simple and easy for users. The platform, like most others in this segment, allows users to compare quotes from various insurance companies, make price-feature comparisons and see what each company has to offer.
Insurance aggregation space in India has gained aggressive pace in recent years — both in terms of funds being poured in and the overall usage by the usually conservative Indian. The next big thing in consumer internet has to be Insurance Ecommerce, acknowledges Alok Bhatnagar, founding CEO of Easypolicy.com.
In this space, EasyPolicy comeptes against the likes of PolicyBazar, BankBazaar, Coverfox, etc. PolicyBazar raised $40 million in April last year, led by Wipro founder Aziz Premji.
In July 2015, BankBazaar raised a massive $55 Million in its Series C round of funding, led by Amazon, along with the participation from Fidelity Growth Partners and Mousse Partners. Also, in September 2015, Coverfox raised an undisclosed funding from Catamaran Ventures.