Policybazaar.com secures Rs 27.50 crore Series B funding

Fresh equity will help the company strengthen the brand and enhance the platform and customer services

Policybazaar.com, the online financial services platform, secured $5 million (Rs 27.50 crore) Series B funding, which was led by Inventus Capital Partners and also saw the existing investors, Info Edge and Intel Capital participating in this round.

The company aims to use majority of this investment for strengthening the brand and enhancement of platform and customer services.
 
Yashish Dahiya, CEO of Policybazar.com said, “This new round allows us to invest in the platform to enhance the consumer experience, as well as invest in creating a consumer centric brand. We are very keen to work with insurers in improving their platforms from a consumer e-commerce perspective, and reducing their cost of acquisition. In essence we are committed to building the Motor, Term, Health, Loans, and Credit Cards product categories, and introducing further categories like pension, critical illness, disability covers and so on.The focus is on simple, consumer centric products, rather than the complex investment cum insurance products which account for a bulk of the industry.”

With more and more people transacting online for their daily needs, Sudheer Kuppam, Managing Director, Intel Capital Asia Pacific says, “Intel Capital sees a lot of potential in the consumer Internet space in India and is happy to extend its relationship with Policy Bazaar.”

Over 20 million odd unique visitors who use our platform, less than a quarter a million buy, we are committed to ensuring the transaction number crosses one million a year within the next 24 months, adds Dahiya.