PolicyBazaar raises around $40M in Series D round led by PremjiInvest

Gurgaon-based eTechAces Marketing and Consulting Pvt Ltd, the company behind the online insurance policy aggregator PolicyBazaar, has raised around $40 million (Rs 248 crore) in its Series D round of funding from PremjiInvest, the personal investment vehicle of Wipro chairman Azim Premji, among a set of existing and new investors.

Other existing investors which participated include Tiger Global and Ribbit Capital.

Besides these, the round also attracted money from Steadview Capital and ABG Capital, which have been slowly raising their exposure to Indian tech ventures. Both these also recently invested in cabs aggregator Ola.

Separate emails sent to PolicyBazaar, PremjiInvest, Tiger Global, Ribbit Capital and Steadview Capital, did not elicit any response till the time of filing this article.

PolicyBazaar's CEO Yashish Dahiya had earlier confirmed that the company is in talks with multiple investors for new funding.

VCCircle had earlier reported that the funding will be used for upgrading the technology, marketing and building out the company's recently launched platform PaisaBazaar.com which is into loans, credit cards, mutual funds, corporate deposits, gold funds and exchange-traded funds (ETFs).

Started in 2008, the company's flagship product PolicyBazaar offers comparison of various insurance policies and loans based on price, quality and key benefits, in addition to helping consumers with analysis of financial products based on the same parameters.

In May last year, PolicyBazaar.com had raised $20 million in its Series C round of funding from Tiger Global and Ribbit Capital. Prior to that, the company had raised $5 million led by Inventus Capital Partners. Existing investors Info Edge and Intel Capital also took part in that round.

Samvad Capital acted as the legal advisor to PolicyBazaar on the deal.

(Edited by Joby Puthuparampil Johnson)