PolicyBazaar, an India-based online aggregator of insurance policies, has raised Rs 1.2bn ($20m) in its series C round, VCCircle has reported.
Investment firm Tiger Global Management participated in the round, which also included all of PolicyBazaar’s existing investors, and which reportedly valued it at about $100m.
The company previously raised $9.6m in two rounds in 2013 from venture capital firm Inventus Capital Partners, classified listings company Info Edge and corporate venturing unit Intel Capital, which previously provided an undisclosed amount of seed funding for PolicyBazaar in 2011.
Info Edge’s stake was reportedly diluted from 32% to about 23% through the round.
“The capital will be used to strengthen our technology and enhance brand awareness,” said Yashish Dahiya, chief executive of PolicyBazaar. “We are focusing on educating the customers on the advantages of comparing insurance products on PolicyBazaar.com before making any insurance purchase decision.”