PolicyBazaar becomes unicorn, raises more than $200 mn in Series F funding

ETechAces Marketing & Consulting, which operates PolicyBazaar.com, said the Series F round also saw participation from existing investors, including Bikhchandani-led InfoEdge that runs Naukri.com

Online insurance aggregator PolicyBazaar on Monday became the newest unicorn or a billion dollar valued company after it raised more than $200 million in a Series F funding. This was led by Japanese telecom giant SoftBank Group’s $100 billion Vision Fund at a valuation of $1 billion for 20 per cent stake in the firm.

According to sources, talks between PolicyBazaar and SoftBank on investments in their firm started around six months ago. Sources said, of the total $200 million raised, SoftBank Vision Fund had invested around $150 million for a 14 per cent stake in the firm.

ETechAces Marketing & Consulting, which operates PolicyBazaar.com, said the Series F round also saw participation from the existing investors, including Sanjeev Bikhchandani-led InfoEdge that runs Naukri.com. Sources said InfoEdge would be investing around $45 million in the company; rest has been put in by the existing investors.