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Indian online insurance aggregator PolicyBazaar has raised $75 million in a new funding round led by New York-based Falcon Edge Capital.
The investment will be used to expand operations in the UAE and other parts of the Middle East, the start-up, which serves as an aggregator for insurance products, credit cards and loans, said in a statement on Monday.
“This investment is the largest financing round in the online insurance space within the entire UAE region. The funding will drive aggressive expansion across the UAE and the Middle East,” the statement said.
Started in 2008, PolicyBazaar has more than 100 million visitors per year. Its sales reach 400,000 transactions a month.
Yashish Dahiya, co-founder and group chief executive officer of Policybazaar.com, said there is a growing demand for online solutions within the UAE’s insurance and financial lending sector.
“We believe that the $2.5 billion market will continue to see a substantial shift towards digital operations. We aspire to bring the powerful solution that we offer customers and manufacturers in India, to the UAE. The coming financial year, we aim to scale five times in size and scale,” said Dahiya.
Neeraja Gupta, CEO of Policybazaar UAE, said the brand is committed to building motor, health and life insurance product categories in the UAE.
“So far, we have sold sum assured worth $100 million through our term life insurance products and we intend to scale this figure to $1 billion in the next 12 to 18 months,” Gupta said.
“In the coming months, we aim to create efficient solutions to address the dearth of customized life insurance products to help customers get adequate financial protection against death, disease and disability.”
(Writing by Cleofe Maceda; editing by Seban Scaria)
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