Policybazaar has raised $75 million as the Indian online insurance coverage platform wants to broaden its presence in UAE and Middle East.
Sarbvir Singh, chief executive of Policybazaar, informed TechCrunch that the start-up had actually raised $75 million, however didn’t elaborate. Falcon Edge Capital led the new tranche of financial investment in the Indian startup, which has actually raised about $630 million to date, according to research company Tracxn.
The 12-year-old start-up, which counts SoftBank Group’s Vision Fund and Tiger Global among its financiers, is among a handful of startups that is attempting to upend India’s insurance coverage market, which is mostly commanded by state and bank-backed insurance companies.
Policybazaar works as an aggregator that enables users to compare and purchase policies — — across classifications consisting of life, health, vehicle, home and travel — — from lots of insurance companies on its site without needing to go through traditional agents.
A screengrab of Policybazaar site In India only a fraction of the country’s 1.3 billion individuals currently have access to insurance and some analysts say that digital companies might prove important in bringing these services to the masses. According to ranking company ICRA, insurance products had reached less than 3% of the population since 2017.
A typical Indian makes about $2,100 in a year, according to World Bank. ICRA approximated that of those Indians who had actually purchased an insurance product, they were investing less than $50 on it in 2017.
In a current report, experts at Bernstein estimated that Policybazaar commands 90% of share in the online insurance coverage distribution market. The platform also sells loans, credit cards and shared funds. The startup states it offers over a million policies a month.
“India has an under-penetrated insurance market. Within the under-penetrated landscape, digital distribution through web-aggregators like Policybazaar types < Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.