India: Serum, others pick insurtech startup PolicyBazaar’s stake

PolicyBazaar CEO Yashish Dahiya. Photo: Livemint

Private-equity fund True North on Friday said it has sold part of its holding in insurtech startup PolicyBazaar to five independent buyers, including vaccine producer Serum Institute of India.

The four others are Ashoka India Equity Investment Trust Plc, Triumph Global Holdings Pte Limited, IIFL Special Opportunities Fund Series 8, and India Acorn Fund Ltd.

Last October, True North Fund conducted the first tranche of its stake sale in the company. Post this new transaction, True North will continue to be invested in PolicyBazaar.

The fund did not give financial details of the stake sale or the total stake it will continue to hold.

“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 12-15 months and scripts many more success stories,” said Divya Sehgal, partner, True North.

Last month, New-York based private equity firm Falcon Edge invested close to $75 million in PolicyBazaar’s UAE arm to fuel its expansion in West Asia. The same month, the startup also raised an undisclosed amount from investment management firm Bay Capital.

“True North has been and continues to be a good friend, advisor and has supported us as an investor. We are grateful for that and glad to see them having a good partial exit. We welcome onboard the new shareholders. True North continues to be an investor, and we thank them for the confidence,” said Yashish Dahiya, chief executive officer, PolicyBazaar.

Recently, Bloomberg reported citing unidentified people that PolicyBazaar plans to file a draft share sale documents as soon as next month.

This article was first published on livemint.com.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.