Telecommunications and internet conglomerate SoftBank’s Vision Fund is set to lead a $200m funding round for India-based online insurance portal PolicyBazaar, Times of India reported today.
The round would feature a $150m investment by Vision Fund and is expected to value the company at $1bn, according to people close to the matter. Reports in January this year suggested SoftBank could invest at an $800m valuation.
Naukri, an online recruitment platform that is among PolicyBazaar’s investors, will likely provide a substantial sum as part of the round, the sources said, and Singaporean state-owned firm Temasek and hedge fund manager Tiger Global Management could also take part.
Founded in 2008, PolicyBazaar is an online marketplace for insurance policies covering life, health, auto, travel and home insurance among others. It plans to diversify by offering access to healthcare and technology services through the platform, according to reports earlier this month.
ETechAces, the company that owns both PolicyBazaar and its sister platform, loan provider PaisaBazaar, last raised funding in October 2017, securing $77m from Temasek, Tiger Global, Wellington Management, True North, IDG Ventures India and PremjiInvest at a $500m valuation.
Semiconductor technology producer Intel supplied an undisclosed amount of funding for the company in 2011, and combined with Naukri owner Info Edge and Inventus Capital Partners to add $9.6m across two subsequent rounds, but is listed on PolicyBazaar’s website as a previous investor.
ETechAces raised $40m in series D funding from PremjiInvest, Tiger Global, Ribbit Capital, Steadview Capital and ABG Capital in 2015, after receiving $20m from Tiger Global and its existing backers the year before.
The news comes days after another India-based insurance comparison platform, CoverFox, raised $22m in a series C round featuring insurance firm Transamerica. SoftBank is currently in talks over the acquisition of a stake of up to 10% in Switzerland-based insurance group Swiss Re.