Adar Poonwala-led Serum Institute of India Private Limited has acquired a stake in PolicyBazaar from True North.
True North has sold a part of its holding in PolicyBazaar to five independent buyers – Ashoka India Equity Investment Trust Plc, Triumph Global Holdings Pte Limited, Serum Institute of India Private Limited, IIFL Special Opportunities Fund Series 8 and India Acorn Fund Limited.
In October 2020, True North had conducted the first tranche of its stake sale in the company. It continues to be invested in the company for its next phase of growth.
Divya Sehgal, Partner, True North, stated, “We’ve had a great partnership with PolicyBazaar over the last three years. We are extremely pleased with the company’s sustained growth momentum and efficiency in delivering great results in spite of the challenging market conditions. We will continue to support PolicyBazaar as it heads towards public markets in the next 12-15 months and scripts many more success stories.”
Yashish Dahiya, CEO, Policybazaar said, “True North has been and continues to be a good friend, advisor and has supported us as an investor through the last few years. We are grateful for that, and glad to see them having a good partial exit, we welcome on board the new shareholders. True North continues to be an investor and we thank them for the confidence.”
Having commenced operations in 2008, Policybazaar serves over 8 million insurance buyers annually and hosts 40+ insurers on its platform.