Popular online life insurance and general insurance comparison platform PolicyBazaar, has raised $40 million in Series D round of funding from Premji Invest, with participation of Tiger Global, Ribbit Capital, Steadview Capital and ABG Capital.
The freshly raised fund will be used to upgrade the technology, marketing and building its new platform PaisaBazar.com, a platform from loans, credit cards, mutual funds, gold funds, exchange trade, etc.
Founded in 2008 by Yashish Dahiya and Alok Bansal, PolicyBazaar is a Guargoan-based company which aims to empower Indian consumers, help them compare and make an informed choice for their various insurance needs. It claims to have more than 50,00,000 customers for insurance and employee base of more than 1,500 peoples.
It features products from all major Insurance companies in India and helps to compare various insurance plans and narrow down on the insurance policy that best suits user’s need. The platform also facilitates online purchase of insurance policy in life insurance and non-life insurance categories.
In May last year, the company raised $20 million in its Series C round of funding from Tiger Global and Ribbit Capital. In April 2013, it raised $5 million led by Inventus Capital Partners with participation of Info Edge and Intel Capital. With this new funding round, the total investment in the company stands at $69.6 million.