PolicyBazaar has reportedly received an investment from Chinese technology firm Tencent, which values the InsurTech at $1.5bn.
The capital is expected to be between $130m and $150m, according to an article from Entrackr which cited people familiar with the matter. Tencent made the investment three or four weeks ago.
As part of the deal, Tencent will acquire a stake in the company between 7% and 10%, the article claims. Proceeds from the round will be used to move into new segments of the financial services, it claims.
PolicyBazaar closed its Series F round last year on $200m, with SoftBank Vision Fund acting as the lead investor. When the company closed the former round, it stated it was expecting a compound annual growth rate of 80% over three years, achieving 10 million transacting customers by 2020.
The Indian InsurTech offers an online marketplace for health, car, home, travel and child insurance policies, among others. Users can compare more than 250 plans and are fully supported with cancellations and endorsements.
India’s FinTech sector is flushed with a large number of investments, with more than $16bn having been deployed to the sector. The large proportion of this has gone to payments and remittance companies, which have received 70.9% of this; however, InsurTech is the country’s third most funded segment with 6.1% of the capital.
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