PolicyBazaar has raised $75 million in funding led by US-based Falcon Edge Capital. The firm will deploy the capital to expand its services in the UAE and West Asia.
Neeraj Gupta, CEO at PolicyBazaar UAE, stated the firm plans to make motor, wellness and life insurance coverage solution categories in the UAE area. “So far, we have sold sum assured worth $100 million through our term life insurance products and we intend to scale this figure to $1 billion in the next 12 to 18 months,” Gupta stated according to media reports. Investors are understood to have infused the funds in the on the web insurance coverage aggregator’s UAE arm.
Gurgaon-based PolicyBazaar that turned into a unicorn right after SoftBank led an more than $200 million financing in the firm in 2018 is gearing up to get listed on the exchanges in the next 12-15 months. The size of the initial public supplying could reportedly nicely be Rs 4,000 crore. Earlier this month, new investor Bay Capital backed PB Fintech, the holding firm of PolicyBazaar in a secondary transaction.
The firm counts Temasek, Steadview Capital, Ribbit Capital and True North amongst its other investors.
In an interview to nearby media final year, Yashish Dahiya, co-founder & group CEO at PolicyBazaar had stated that the firm anticipated revenues worth `1,000 crore for monetary year 2020-21. “And while PolicyBazaar will be profitable, the overall company will still have about $5 million of losses..” he had stated.
The firm claims that each second term life policy is purchased by means of its platform. It says that it accounts for 25% of India’s life cover.
“We aspire to bring the powerful solution that we offer customers and manufacturers in India, to the UAE. The coming financial year, we aim to scale five times in size and scale,” Dahiya stated in a statement, according to reports.