Online Insurance Aggregator ‘PolicyBazaar’ All Set To Raise At Least $50 Million
PolicyBazaar, an online insurance aggregator, is all set to receive an investment in the range of $50-100 Mn from Alpha Wave Incubation (AWI).
Alpha Wave Incubation is an early-stage fund anchored by Abu Dhabi’s state entity ADQ and managed by Falcon Edge Capital, which is a New York-based venture capital and hedge fund.
As per a report in the Economic Times, the funding would be a mix of secondary and primary capital. Additionally, AWI has already acquired shares in PolicyBazaar worth $20 Mn from private equity fund True North, one of its existing investors.
Started by Yashish Dahiya, Alok Bansal and Avaneesh Nirjar in 2008, PolicyBazaar is an online platform that allows people to compare insurance policies offered by various insurers in India & buy insurance policy online. These insurance policies range from life insurance to car insurance and even two-wheeler insurance.
PolicyBazaar is planning to go public next year, at a valuation of more than $3.5 Bn. If the IPO takes place, PolicyBazaar will become India’s first unicorn to be listed on the stock market.
It is worth mentioning that India’s insurtech market is growing, but the addressable market base is not growing as rapidly as it should. And according to the Indian Brand Equity Foundation, insurance penetration in India is as low as 4%.