Softbank-backed India-based InsurTech PolicyBazaar has raised $75m in a fresh funding round led by the investment fund Falcon Edge Capital.
The raised funds will be used towards its UAE and Middle East expansion plans and at enhancing customer experience by providing a suite of insurance and financial services products across multiple categories in the region.
Commenting on the firm’s growth, Policybazaar UAE chief executive officer Neeraj Gupta said, “The brand is committed to building motor, health and life insurance product categories in the UAE region.
“So far, we have sold sum assured worth $100m through our term life insurance products and we intend to scale this figure to $1bn in the next 12 to 18 months.”
Founded in 2008 by Yashish Dahiya and Alok Bansal, PolicyBazaar India is an online platform that enables users to purchase life and general insurance.
Commenting on the funding, Dahiya said, “As a brand, we are scratching the surface of how powerful online insurance and lending business can be when it is combined with advanced technology. PolicyBazaar.ae’s offerings are well-timed with the rapidly increasing demand for digital solutions in the insurance and financial lending sector.
“We believe that the $2.5bn market will continue to see a substantial shift towards digital operations. We aspire to bring the powerful solution that we offer customers and manufacturers in India, to the UAE. The coming financial year, we aim to scale five times in size and scale.”
The firm boasts of 100 million visitors yearly and sales worth Rs.400,000 a month.
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