UAE - Online ins. platform PolicyBazaar raises $75m
Tuesday, 03 16 2021, Category: Insurance and Reinsurance, Country: Egypt
Online insurance marketplace PolicyBazaar has raised $75m to fund its UAE and Middle East expansion plans.
The investment was led by Falcon Edge Capital, a diversified global alternative asset management firm started in 2012 and with approximately $5bn in assets currently under management.
PolicyBazaar has been at the forefront of digitising the insurance ecosystem in India. The company hopes the new investment can help it expand the same model to the online insurance sector in the UAE.
The brand also aims to expand its footprint within the UAE and other geographies within the Middle East in the next 18 to 24 months.
“We believe the playbook [PolicyBazaar] has established over the last 10 years in being the most efficient sales channel for insurance manufacturers can act as a catalyst to gain market leadership in the GCC,” said Navroz Udwadia, co-founder of Falcon Edge Capital.
Source: Gulf Business