Existing investor Unilazer Ventures Pvt. Ltd. has increased its stake in insurance policy aggregator Easypolicy to 55%, reports The Economic Times. Following this, Unilazer Ventures has become the majority stakeholder. It’s not clear what the value of the current deal is.
This is the third round of funding in Easypolicy that Unilazer Ventures has participated in:
- Back in January last year, Easypolicy had raised Rs 15 crore in a round of funding led by Unilazer Ventures, and had said that the funds would be used for building technology, adding products and hiring in marketing.
- Towards the end of last year, in November, Unilazer Ventures and others invested upwards of Rs 50 crore in Easypolicy. The company intended to utilise the funds to set up a distribution system across tier-II and tier-III cities in the country, and introduce more products under two-wheeler insurance and customised small-ticket health insurance plans.
Currently, Easypolicy offers car, two-wheeler, health and travel insurance under general insurance schemes, and term and child insurance under life insurance schemes, along with investment and pension plans.
There has been a recent spurt in funding in online insurance companies in the first half of 2017:
– Earlier this month, OneAssist, a company which allows users to insure their mobile wallets, credit cards and smartphones against loss or theft, raised Rs 118 crore from existing investors Sequoia Capital and Lightspeed Venture Partners among others.
– Online insurance company Coverfox raised $15 million (about Rs 96 crore) from US-based insurer Transamerica, with participation from existing investors, also in June.
– Last month, the digital general insurance company Acko General Insurance raised seed funding worth $30 million from Catamaran, Accel, SAIF Partners and others. Acko is founded by Coverfox co-founder Varun Dua, who has since moved on from the company.
– In February this year, Times Internet launched ETinsure, an online insurance aggregation platform, starting with car and two wheeler insurance from seven companies.