India-based Insurtech startup PolicyBazaar has raised $200mn in a funding round led by SoftBank’s $100bn Vision Fund, alongside participation from the company’s existing investors including InfoEdge.
PolicyBazaar is an online insurance platform that provides consumers with the ability to compare and purchase insurance instantly whilst simultaneously gaining insight and advice into these products.
“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," said Partner at SoftBank Investment Advisers, Munish Varma.
According to the Boston Consulting Group, digital influence is set to play an increasingly large role in the market with digital purchases forecast to grow to 50% for life insurance products and 75% for general insurance by 2020.
PolicyBazaar hosts 100mn visitors annually, recording more than 3mn transactions monthly. The firm currently accounts for approximately one quarter of India’s entire life cover policies and half of all internet-based insurance purchases across the country.
“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,” said Yashish Dahiya, Co-Founder and CEO of ETechAces, the owner of the PolicyBazaar brand. “We hope to gain a lot from their global footprint and experience.”
The conclusion of this latest funding round brings the total investments within the insurtech up to $346.6mn.