Gurgaon Based online insurance policy aggregator, PolicyBazaar has raised 500 Cr from existing Investors at a valuation of $500 million.
The Investment has been led by global asset management firm Wellington Management, private equity firm True North and IDG Ventures India.
Policybazaar grew 30% to Rs109 crore while losses widened 72% to Rs110 crore in 2015 -2016. It was founded in 2008 by IIT Delhi and IIM Ahmedabad alum Yashish Dahiya, has, till date, raised about Rs 1,000 crore.
As per Reported by Mint, dahiya said “The primary reason for doing this was to invest heavily in customer service through technology and also invest in the Paisa Bazaar business. We are also likely to enter mutual funds.”