EtechAces Marketing and Consulting, owners and operators of online insurance policy aggregator PolicyBazaar, has raised funds from Wellington Management, private equity firm True North and IDG Ventures India. The Gurgaon based company is valued around $500 million was founded in 2008 by IIT Delhi and IIM Ahmedabad alum Yashish Dahiya and has raised about Rs 1000 crore($154.8 million) till date. The existing investors of the company include Tiger Global Management (New York), PremjiInvest (personal investment of Wipro Chairman Azim Premji) and Temasek (Singapore’s government owned Investment Company).
The proceeds from the latest round will be utilized to finance PolicyBazaar’s expansion into international Markets.
According to the CEO, Dahiya:
“We are planning to invest in technology, customer service, and towards geographical expansion. The focus will continue to be on creating awareness about the importance of protection products, which we feel, will be the drivers of the insurance industry,”
Dahiya added that PolicyBazaar is expected to be profitable from the current fiscal year, as the total revenue has reached Rs 220 crore ($34.06 million) in 2016-2017 up from Rs 109 crore ($16.8 million) in 2015-2016.
About EtechAces Marketing and Consulting
Operators and owners of PolicyBazaar (an online platform for insurance and loan requirements), EtechAces Marketing and Consulting was founded in 2008 and is based in Gurgaon in India. The company offers comparison and purchase of financial products online such as investment plans, car insurance, retirement plans, general insurance, travel insurance, two wheeler insurance, critical illness insurance, personal accident, home insurance, group insurance, property insurance, liability insurance, personal, education, home and car loans and credit cards and miscellaneous products to name a few.
About Wellington Management
a privately owned investment manager, Wellington Management Group LLP, provides services to defined benefit plans, defined contribution plans, endowment and foundations, insurers, central banks and sovereign institutions, intermediaries and wealth managers, family offices, high net worth individuals, banking and thrift institutions, pension and profit sharing plans, investment companies, corporations, government entities, charitable organizations and other investment advisors. Founded in 1928, it also manages separate client- focused equity, fixed income, balanced portfolios, and commodity and multi asset portfolios.
About True North
Established in 2001 and based in the Iowa, USA, TrueNorth Companies LLC is an insurance and financial strategy provider. If offers business solutions, employee benefit, financial services to transportation, professional liability, construction markets and other business solutions.
About IDG Ventures India
Founded in 2006 and based in Bangalore, India, IDG Ventures specializes in startup, Series A, Series B, maturing companies, later stage, growth stage and expansion stage companies in the Fintech sector. It focuses in: digital consumer; consumer technology; enterprise software; healthcare technology, financial technology, engineering; engineering design and manufacturing; outsourced services; electronics and hi-tech manufacturing; semiconductors; telecom infrastructure; retail financial services; and other emerging technology-enabled sectors.