BENGALURU: On-line monetary providers platform Policybazaar‘s UAE arm has raised $75 million from New York-based Falcon Edge Capital in what is the first exterior funding on this entity for the Center East enterprise.
The UAE arm is a subsidiary of EtechAces Advertising & Consulting, which runs Policybazaar and Paisabazaar, and is aiming for an preliminary public providing (IPO) this 12 months.
Policybazaar mentioned the financing will assist broaden operations in UAE and Center East together with providing customised merchandise available in the market.
SoftBank-backed Policybazaar has offered insurance coverage schemes price round $100 million of sum assured in UAE and expects to develop it 10 occasions within the subsequent two years.
“As a model, we’re scratching the floor of how highly effective on-line insurance coverage and lending enterprise could be when it’s mixed with superior know-how. Policybazaar’s choices are well-timed with the quickly growing demand for digital options within the insurance coverage and monetary lending sector,” Yashish Dahiya, co-founder and group CEO of Policybazaar, mentioned in an announcement.
Navroz D Udwadia, co-founder of Falcon Edge Capital, mentioned Policybazaar has established itself because the market chief in on-line insurance coverage aggregation in India. “We imagine the playbook it has established over the past 10 years in being probably the most environment friendly gross sales channel for insurance coverage producers can act as a catalyst to realize market management within the Gulf Cooperation Council,” he mentioned.