True North sells Policy Bazaar stake to Serum Institute, four others

Private equity fund manager True North said today that it has sold a part of its holding in PolicyBazaar to five buyers – Ashoka India Equity Investment Trust, Triumph Global Holdings, Serum Institute of India, IIFL Special Opportunities Fund Series 8 and India Acorn Fund.

In October 2020, True North had the first tranche of its stake sale in the company. It continues to be invested in the company for its next phase of growth.

True North disclosed neither the quantum of stake sold nor the value.

PolicyBazaar turned into a unicorn after Softbank led an over $200 million financing