Ace Japanese investor SoftBank led a fresh funding round of $200 million through SoftBank Vision Fund in Online insurance aggregator PolicyBazaar. The funding round surged the valuation of PolicyBazaar at $1 billion after the investment, making it a unicorn.
Recently, food delivery app Swiggy entered the unicorn club, which comprises privately held tech companies valued at a billion dollars or more.
The Gurugram-based online insurer has doubled its valuation since it closed its previous fund-raise last year. Info-Edge, which runs portals like Naukri.com, has also participated significantly in the latest round by pumping in $45 million.
Founded in 2008, PolicyBazaar is India’s largest and leading insurance aggregator website. According to its CEO Yashish Dahiya, the company would gain from SoftBank’s global footprint and experience. The company’s other investors like private equity fund True North also participated in the funding round.