Growth in digital insurance purchases is expected to fuel growth of Policybazaar over the next three years.
Policybazaar has become the latest Indian startup to achieve unicorn status after raising more than US$200 million from a funding round led by Vision Fund of the Softbank Group.
The firm aims to grow at an annual average rate of 80% over the next three years to a total of 10 million customers.
Valued at more than US$1 billion, the online financial services portal is operated by EtechAces Marketing and Consulting, the company said in a statement on Monday.
The funding round saw Premji Invest and other existing Indian investors participating, including Temasek, Tiger Global Management and True North.
Yashish Dahiya, co-founder and chief executive of Policybazaar, said SoftBank’s culture of backing “disruptive” businesses and industry leaders with long-term capital investment corresponds well with Policybazaar’s own values.
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