PolicyBazaar, an India-based online aggregator of insurance policies previously backed by computing company Intel’s corporate venturing unit Intel Capital, has raised Rs 2.48bn ($40m) in its series D round, VCCircle reported on Tuesday.
The round was led by PremjiInvest, the personal investment vehicle of Azim Premji, chairman of IT consulting firm Wipro. It also included investment firm Tiger Global, venture capital firm Ribbit Capital, asset management firm Steadview Capital and incubator and holdings company ABG Capital.
PolicyBazaar was first reported to be in advanced talks for the round in February this year. Founded in 2008, the company enables consumers to compare insurance policies and loans by providing prices, quality and key benefits of each policy.
Intel Capital first provided an undisclosed amount of seed funding for PolicyBazaar in 2011 before participating in series A and B rounds in 2013 which raised a combined $9.6m. Classified listings company Info Edge and venture capital firm Inventus Capital Partners aalso took part in the 2013 rounds.
PolicyBazaar subsequently secured $20m in a May 2014 series C round featuring Tiger Global Management and all its existing investors.
The funding will be used to upgrade technology, support marketing efforts, and build out the recently launched PaisaBazaar, which provides information on loans, credit cards, mutual funds, corporate deposits, gold funds and exchange-traded funds.