India-based insurance product marketplace Policybazaar has reportedly closed a funding round from Info Edge, in a deal was worth around $7.7m.
Following the investment Info Edge will receive five Series E shares, according to a report by LiveMint.
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 dull 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.
This new round of funding follows a recent $77m Series E funding round which saw contributions from Wellington Management, True North and IDG Ventures, according to various reports in the media. The new line of equity will be used to help the company with its plans to invest in its technology, customer service offerings and global expansion, the articles state.
Earlier this week India YES Bank signed an agreement with Abu Dhabi Global Markets to offer cross-border exchange between the two countries.
Asia InsurTech companies saw a sudden burst in funding during the Q2 2017, having picked up $105m. This investment is still $21m more capital raised than the combined total of the previous five quarters.
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