PolicyBazaar has announced it has raised $75 million to support its Middle East’s and UAE’s expansion plans, led by global alternative asset management firm Falcon Edge Capital.
With assets worth $5 billion under management, the funding round by Falcon Edge Capital is the largest in the online insurance space across the UAE.
Commenting on the investment, co-founder and CEO of PolicyBazaar, Yashish Dahiya stated that offerings of the digital insurance marketplace are well-timed with the increasing demand in the financial lending and digital sector.
PolicyBazaar has raised the bar of digitization in the Indian insurance sector and hopes to follow the same model in the UAE in the next 18 to 24 months.
In a statement, co-founder of Falcon Edge Capital, Navroz Udwadia said that PolicyBazaar can act as a catalyst to gain market leadership in the GCC, being the most efficient sales channel for insurance manufacturers.
With a rigorous plan, the brand is all set to scale $100 million from previous sales of term life insurance products to $1 billion in the upcoming months, and build health, motor, and life insurance product categories in the UAE region.