 "PolicyBazaar.com raises $20 mn to ramp up technology")
New Delhi: Policybazaar.com, which helpsconsumers compare and analyse insurance products, today saidit has raised USD 20 million (Rs 119 crore) to ramp up itstechnology and build brand awareness.
The portal has raised USD 20 million in a Series C roundof funding, the company said in a statement, adding that theexisting investors did not participate in the current round.
The company however did not disclose the names of theinvestors who participated in this round.
“We will be infusing this capital to ramp up ourtechnology and work towards enhanced customer experience,seamless platforms and an extensive range of productofferings,” PolicyBazaar.com CEO and co-founder Yashish Dahiyasaid.
“We will also use this investment to focus on increasingthe awareness levels of our services and brand to educate thecustomers on the advantages of comparing insurance productsbefore making any purchase decision,” he added.
Dahiya said the portal has grown 28 times in the past 3years and will aim to grow 10 times in the coming 3 years,taking “our premium collection figures to Rs 2,000 by2017-18”.
PolicyBazaar.com said it has played a key role indeveloping the online insurance market in India and has beenassociated with almost every leading insurance brand,retailing up-to-date products in Life, Health, Car insurance,ULIP, Child plans and retirement.
PTI