Insurance aggregator platform Policy Bazaar has got 5 new investors. Among the companies that have bought stakes in Policybazaar, Serum Institute of India, the country’s largest manufacturer of vaccines, is also involved.
Prior to Policybazaar’s IPO, private equity fund manager True North Fund, one of its biggest investors, has reduced its stake in the company. True North had also sold some of its stake in the company in October 2020. However, the company has not yet disclosed how much share of True North has reduced in the policy market.
Apart from the Serum Institute, investors in the policy market who have bought stakes from True North include Ashoka India Equity Investment Trust Plc, Triumph Global Holdings Pte, IIFL Special Opportunities Fund Series 8 and Acorn India Fund.