India’s newest unicorn is disrupting a 200-year-old industry

A 10-year-old Gurugram-based online insurance aggregator PolicyBazaar has joined the growing list of Indian unicorns. The company said it had raised over $200 million (Rs1,330 crore) in a funding round led by Softbank, with participation from existing investors, including InfoEdge, which operates job site Naukri.com. PolicyBazaar aggregates insurance plans and serves as a marketplace for policies. It claims to process nearly 25% of India’s life insurance and over 7% of the country’s retail health cover. And there’s lots of headroom for growth since only 4% of the country’s total population is insured. PolicyBazaar’s holding company now intends to launch a platform that will give consumers free access to the company’s empanelled doctors and medical consultants. It also plans a range of other offerings like in-hospital concierge services for its health insurance customers.

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