India-based insurance marketplace Policybazaar has netted $200m in a Series F funding round led by SoftBank Vision Fund.
Participation to the round also came from existing backers, which includes InfoEdge.
Policybazaar is a marketplace for a range of insurance products including health, car, home, travel and child policies, among several others. Through the platform users are able to compare over 250 plans and are given full support for cancellations and endorsements.
The platform is partnered with companies including Aviva Life Insurance, AegonLife, HDFC ERGO, Cigna, AXA, and Reliance Life Insurance, among others.
By 2020, the company is expecting to grow at a CAGR of 80 per cent over the next three years, achieving 10 million transacting customers.
SoftBank Investment Advisers Partner Munish Varma said, “Over the last decade, PolicyBazaar has become synonymous with online insurance shopping in India.
“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.”
Late last year, the company closed a $7.7m funding round from Info Edge, which picked up Series E shares in the process. The round came shortly after its Series E round closed on $77m, with contributors including Wellington Management, True North and IDG Ventures.
The SoftBank Vision Fund, which has a colossal capital pool of $93bn, reportedly invested alongside Alibaba deploying $445m into Patym Mall. The company is the e-commerce division of Indian banking platform Paytm.
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