Private equity firm True North has sold a part of its holding in Policybazaar to five buyers.
They are Ashoka India Equity Investment Trust, Triumph Global Holdings Pte Ltd, Serum Institute of India, IIFL Special Opportunities Fund Series 8, and India Acorn Fund.
In October 2020, True North had also made a partial exit when Falcon Edge Capital invested.
“We’ve had a great partnership with Policybazaar over the last three years. We will continue to support the firm as it heads towards public markets in the next 12-15 months,” said Divya Sehgal, partner, True North.
Last month, Policybazaar raised $75 million in a round led by New York-based hedge fund Falcon Edge Capital for expansion in the UAE.
Recently, Bay Capital also invested in the Gurugram-based company via a secondary deal.
The insurance aggregator has attracted a lot of interest ahead of its IPO. Its investors include PremjiInvest, Temasek, Info Edge, Ribbit Capital, Falcon Edge, and Bay Capital.
Founded in 2008 by Yashish Dahiya and Alok Bansal, PB Fintech operates seven businesses. It runs businesses including Policybazaar, financial products marketplace Paisabazaar, call centre operator Icall Support Services, healthcare services provider Docprime, and motor vehicle claims and related assistance provider Accurex Marketing and Consulting.
Policybazaar began operations in 2008. It is now India’s largest insurance aggregator.