Exclusive: PolicyBazaar, an Info Edge backed web insurance aggregator has raised Rs. 40 crore (around $9 million at current rates), PolicyBazaar CEO Yashish Dahiya has confirmed to MediaNama. Intel Capital has invested Rs. 30 crore in the company, while Info Edge has also participated, investing Rs. 10 crore. Following this investment, which Dahiya says is the company's last round of funding prior to an IPO which they're targeting in the next 3-4 years, the shareholding is split almost equally between the promoters, Info Edge and Intel Capital. This is the first Info Edge backed company to raise additional funding from an external investor. Remember that Info Edge had earlier announced that PolicyBazaar will be made a subsidiary of the company; following this funding, that won't be the case. Dahiya says that they'll use the money to "continue doing what we're doing so far", which is "keep spending on platform and on marketing to popularize the platform." Akshay Mehrotra, the former Head of Marketing of Bajaj Allianz, is joining the company as Chief Marketing Officer. PolicyBazaar currently employs around 300 people in its call center, and is looking to scale up to 700 after this round of funding. "But we will stop there (at 700)", Dahiya adds. Around 65% of this staff is a call center operation, for qualifying leads and guiding customers; Dahiya expects this to go up to 75%. Financial Performance Last fiscal year, the company finished within a range Rs. 10-15 crore* topline, up from Rs. 5.5-6 crore…
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