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Bay Capital invests in IPO-bound insurance aggregator Policybazaar
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Bay Capital has invested an undisclosed amount in Gurugram-based Policybazaar via a secondary deal, ahead of the insurance aggregator’s IPO in 12 to 15 months.
India-focused Bay Capital manages money on behalf of institutions and endowments based in the US and Europe.
Policybazaar became a unicorn in 2018 when it raised $200 million in a Series F round led by SoftBank.
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"The company’s tech-focused approach has been a key enabler in ensuring better transparency, decreasing costs, and increasing adoption in the country over the last 12 years,” said Siddharth Mehta, founder and chief investment officer of Bay Capital.
"Bay Capital is a long-term investor and we see them playing a key role as Policybazaar heads towards public markets," said Yashish Dahiya, founder and group chief executive officer of PB Fintech.
PB Fintech is the holding company of Policybazaar and credit comparison portal Paisabazaar.
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In October 2020, Falcon Edge Capital, a New York-based hedge fund and venture-stage investor, acquired a stake in Policybazaar via a secondary transaction.
The SoftBank-backed insurance aggregator has attracted a lot of interest from investors ahead of its IPO. Its other key investors include True North, Tencent, Tiger Global, Premji Invest, Temasek, Info Edge India Ltd and Ribbit Capital.