Online insurance aggregator, Policybazaar, has raised $75 million in a fresh funding round led by Falcon Edge Capital, a New York-based hedge fund.
The fresh infusion is expected to back the fintech firm’s UAE business, people with knowledge of the development told TechCircle.
In October 2020, Falcon Edge Capital had acquired a stake in Policybazaar via a secondary transaction. Homegrown private equity firm True North also sold a partial stake at the time.
The new round comes just weeks after Bay Capital invested an undisclosed amount in the Gurugram-based company via a secondary deal.
In 2018, Policybazaar became a unicorn after raising $200 million in a Series F funding round led by SoftBank.
The insurance aggregator is backed by Premji Invest, Temasek, Info Edge and Ribbit Capital.
Founded in 2008 by Yashish Dahiya and Alok Bansal, PB Fintech, formerly called Etechaces Marketing and Consulting, operates a total of seven businesses. It runs online insurer Policybazaar, online marketplace of financial products Paisabazaar, as well as call centre operator Icall Support Services, online healthcare services provider Docprime Technologies, and motor vehicle claims and related assistance services provider Accurex Marketing and Consulting.
The other two entities are PB Marketing and Consulting, earlier called Policybazaar Insurance Broking, and PB Fintech in the United Arab Emirates. Both entities provide online, offline and direct marketing of insurance products.
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