PolicyBazaar raises more than $200 mn led by SoftBank Vision Fund

ETechAces Marketing & Consulting, which operates PolicyBazaar.com, today said it has raised over USD 200 million, 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.

"We believe that the Indian insurance market continues to remain massively under-developed and PolicyBazaar, supported by SoftBank's capital and ecosystem, is uniquely positioned to dramatically increase the adoption of insurance products in the country," SoftBank Investment Advisers Partner Munish Varma said.

PolicyBazaar.com, which allows people to buy insurance online, hosts over 100 million visitors yearly and records sale of nearly 300,000 transactions a month, as per the statement.