Tencent joins Softbank as investor in one of India’s largest online insurance selling platform Policybazaar.com as Tiger Global sells part stake
- Policybazaar has raised $150 million from
- The investment is a secondary transaction with
Tiger Globalexiting partially.
- Policybazaar’s valuation now stands at $1.5 billion.
The Tencent investment comes in as a secondary transaction, with Tiger Global exiting partially, a source confirmed to Business Insider.
According to reports, Tencent has pumped in $150 million for the stake in the startup. With this, Policybazaar’s valuation now stands at $1.5 billion.
With this funding, Policybazaar will continue to grow in the insurtech sector while its subsidiary company Paisabazaar too continues to do well, said the source. According to reports, the Indian insurance industry is set to grow to $280 million by 2019-20.
Launched in 2008, Policybazaar is also backed by other investors like Softbank, Infoedge etc.
Earlier this year, the Yashish Dahiya-led startup also fell in trouble with the Insurance Regulatory and Development Authority of India. The IRDAI had slapped a fine of ₹1.11 crores on the startup for multiple violations, including being found guilty of misleading advertisements for vehicle insurance in India.
Thomas Cook India’s business is hit by bankruptcies, political unrest and heat waves