India-based insurance marketplace Policybazaar has reportedly secured $200m in a funding round led by SoftBank.
The funding round is also expected to see a contribution from existing backer Naukri.com, according to a report by Times of India, which cites people familiar with the deal. SoftBank will make the investment through primary capital.
Investments to the round could still also come from Temasek and other previous backers such as Tiger Global, the article said. In total, this fundraise could reach $300m, after a host of shareholders are looking to sell come of their shares.
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.
Prior to this funding round, Policybazaar received a $7.7m investment from Info Edge for five Series E shares. The company closed its Series E round earlier in 2017 on $77m with commitments from firms including Wellington Management, True North and IDG Ventures.
Last month, SoftBank and Alibaba made a $445m investment into India-based Paytm Mall, the e-commerce unit of banking platform Paytm.
The lion share of investments into the InsurTech space went to companies based in North America, according to data by FinTech Global.
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