BENGALURU: Online financial services platform Policybazaar‘s UAE arm has raised $75 million from New York-based Falcon Edge Capital in what’s the first external funding in this entity for the Middle East business.
The UAE arm is a subsidiary of EtechAces Marketing & Consulting, which runs Policybazaar and Paisabazaar, and is aiming for an initial public offering (IPO) this year.
Policybazaar said the financing will help expand operations in UAE and Middle East along with offering customised products in the market.
SoftBank-backed Policybazaar has sold insurance schemes worth around $100 million of sum assured in UAE and expects to grow it 10 times in the next two years.
“As a brand, we are scratching the surface of how powerful online insurance and lending business can be when it is combined with advanced technology. Policybazaar’s offerings are well-timed with the rapidly increasing demand for digital solutions in the insurance and financial lending sector,” Yashish Dahiya, co-founder and group CEO of Policybazaar, said in a statement.
Navroz D Udwadia, co-founder of Falcon Edge Capital, said Policybazaar has established itself as the market leader in online insurance aggregation in India. “We believe the playbook it has established over the last 10 years in being the most efficient sales channel for insurance manufacturers can act as a catalyst to gain market leadership in the Gulf Cooperation Council,” he said.