Online insurance comparison portal PolicyX.com is actively looking to raise Series A funding option of around $25 million. Although there is no fixed time-line set for the process, the portal said that the funding round may take place within the next 6-12 months.
In a statement, the company said that the funding will support the company's growth targets and complement its plans to capture the major chunk of the online insurance market space by 2018. The company, which began with three employees, has around 100 employees now.
Naval Goel, Founder & CEO, PolicyX.com, said, "Buoyed by the growth that we have witnessed over the course of two years, our aim is to further strengthen the tech and user interface along with a focus on key marketing and branding activities to further enhance our reach. The funding option that we are exploring currently is aimed at fulfilling the said goals that we have set for ourselves for the next few quarters."
He explained that the Indian insurance market is currently worth more than $60 billion, of which online insurance segment contributes less than a percent. However going forward, he expects the online sector to contribute at-least 30-50 per cent of the total premium.
The company works on a commission based model wherein it gets paid by the insurance companies after consumers make the purchase decision post comparing from the portal.