Policybazaar raises $75m to power Middle East expansion
Indian insurance firm Policybazaar has raised $75 million to boost its expansion plans in the Middle East and the UAE.
Falcon Edge Capital led the financing, which Policybazaar claims is the largest of its kind in the region for insurance.
The firm says the funding goes towards “aggressive expansion across the UAE and the Middle East.”
“As a brand, we are scratching the surface of how powerful online insurance and lending business can be,” says group CEO Yashish Dahiya.
“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.”
The company’s CEO for the UAE, Neeraj Gupta, says it has already sold $100 million of insurance products in the region.
He adds that the firm intends to increase that figure to $1 billion in the next 12-18 months.
“In the coming months, we aim to create efficient solutions to address the dearth of customized life insurance products to help customers get adequate financial protection
Founded in 2008, Policybazaar allows users to purchase life insurance, general insurance. The company features products from “all major insurance companies in India.”
The SoftBank-backed firm is aiming for an IPO in 2021 worth an estimated $3.5 billion.
Prior to a September filing, Policybazaar plans to secure around $250 million in funding at a $2 billion-plus valuation.