Policybazaar raises $75 Million for its UAE and Middle East expansion
PolicyBazaar has raised $75 million (AED 275 million) for its UAE and Middle East expansion plans. The investment, led by Falcon Edge Capital, is the largest financing round in the online insurance space within UAE. The funding will drive aggressive expansion across the UAE and the Middle East as well as enhance customer experience by providing a suite of customized insurance and financial services products across multiple categories.
Yashish Dahiya, Co-founder & Group CEO at Policybazaar said, “As a brand, we are scratching the surface of how powerful online insurance and lending business can be when it is combined with advanced technology. Our offerings are well-timed with the rapidly increasing demand for digital solutions in the insurance and financial lending sector. We believe that the $2.5bn market will continue to see a substantial shift towards digital operations. We aspire to bring the powerful solution that we offer customers and manufacturers in India, to the UAE. The coming financial year, we aim to scale 5 times in size and scale.”
The new funding builds on Policybazaar’s very strong performance in the UAE which saw it rapidly scale customers along with insurers and lending partners. For now, the brand aims at expanding its business operations within the UAE and further covers other geographies within the Middle East in the next 18 - 24 months.
Neeraj Gupta, Chief Executive Officer of Policybazaar UAE, said, “We are committed to building motor, health and life insurance product categories in the UAE region. So far, we have sold sum assured worth $100 million through our term life insurance products and we intend to scale this figure to $1 billion in the next 12 – 18 months. In the coming months, we aim to create efficient solutions to address the dearth of customized life insurance products to help customers get adequate financial protection against Death, Disease and Disability.”