SoftBank fund, others pump in Rs 1,362 cr in PolicyBazaar

ETechAces Marketing & Consulting, which operates PolicyBazaar.com, on Monday said it has raised over $200 million (Rs 1,362 crore), led by SoftBank Vision Fund.

The series F round also saw participation from existing investors, including InfoEdge (Naukri.com), a statement said.

Yashish Dahiya, co-founder and group CEO of EtechAces, said, “SoftBank’s culture of backing disruptive businesses and industry leaders with long-term capital investment gels well with our own values and vision of creating a transparent and empowering financial products marketplace”. “We hope to gain a lot from their global footprint and experience, he added.

Founded in 2008, PolicyBazaar’s investors include the likes of Temasek, Tiger Global Management, True North, InfoEdge (Naukri.com), Premji Invest, besides investments from other PE funds and family offices.

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“Indian insurance market continues to remain massively under-developed and PolicyBazaar is uniquely positioned to dramatically increase the adoption of insurance products,” SoftBank Investment Advisers partner Munish Varma said.