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PolicyBazaar raises $75M from Wellington Management and others

Gurgaon-based eTechAces Marketing and Consulting, the owner of the online policy aggregator PolicyBazaar, has raised $75 million funding from Wellington Management, private equity firm True Northland, IDG Ventures India, and its existing investors, reports The Economic Times. The company will use the funding for geographical expansion, building technology for its products, and introduces specialised products. “The funding only opens up avenues for us to further innovate, look at geographical expansion and rally strongly behind creating mass awareness for consumer-centric protection products – term (pure life insurance), health and disease-specific products," said Yashish Dahiya- Co-Founder and CEO, Policybazaar, in a statement. He also added the the company will continue to invest behind technological solutions to enhance consumers experience. According to ET's report, PolicyBazaar is looking at expansion into international markets, starting with the Middle East this year. In March, the company spoke about plans for its public listing, according to several media reports. But it is yet unclear if the plans are still firm, or the fresh funding is part of its pre-IPO round.  In an ET interview, Yashish Dahiya, CEO & Co-Founder, PolicyBazaar.com told that the company had broken even in the financial year 2016-17, with a total revenue of Rs 220 crore, up from Rs 109 crore in 2015-16, and said that PolicyBazaar is expected to be profitable in FY2018. PolicyBazaar provides users with a comparison of various insurance plans including life insurance, motor insurance, investment plans, travel insurance, health insurance and home insurance. The platform claims to clock 45 million visitors every year and nearly…

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