Online insurance company PolicyBazaar (Etechaces) has raised Rs 119 crore (around $20 million) in funding, though the investors have not yet been disclosed. Info Edge, which was the first company to invest in PolicyBazaar, mentioned in a notice told the BSE that it hasn't participated in this round of fund raising, and its stake in Etechaces has been diluted to 23%. "Etechaces has undertaken ESoP dilution of about 10%", Info Edge also mentioned. So far, Info Edge has invested Rs 32.5 crore in Policybazaar. Speaking with MediaNama, Policybazaar founder and CEO Yashish Dahiya said that the company is not planning to announce the names of its investors for the time being, because they haven't got a clearance from the investors to disclose their names. Policybazaar reported around Rs 270 crore in insurance premium this last fiscal, and is targeting Rs 2000 crore in the next three years. For this, it needs to invest in technology, and scaling its technology. "The interesting part was that the company was going to be profitable this year, and did not need the funding. This (investment) now allows us to invest in technology and scale technology, and of course, we will continue to invest in marketing. There's one player that is becoming the largest online or offline player. If you look at our business, in insurance distribution, we're as big as the largest, which is why investments are coming in. Can we grow this 10x in the next 3 years? We've grown by 28 times in the last three…
