True North makes partial exit from India's PolicyBazaar
Indian private equity firm True North has confirmed a partial exit from local insurance portal PolicyBazaar.
Financial terms have not been disclosed. Buyers in the transaction include IIFL Wealth Management, Triumph Global Holdings, Serum Institute of India, Ashoka India Equity Investment, and India Acorn Fund, an affiliate of Ashoka.
True North indicated it would remain invested in the company during its next phase of growth. PolicyBazaar received $75 million last month from Falcon Edge Capital for a Middle East expansion, bringing total funds raised to more than $600 million.
PolicyBazaar has also recently confirmed plans for an IPO in the next 15 months. The company is reportedly seeking to raise about $550 million at a valuation of $3.5 billion, with a draft prospectus expected to be submitted as soon as next month.
"Over the years, the company has leveraged state-of-the-art digital capabilities to empower their customers and guide them towards making informed decisions, thereby building a loyal customer base," Divya Sehgal, a partner at True North, said via social media. "We are extremely pleased with the company's sustained growth momentum and efficiency in delivering great results."
True North has invested an estimated $50 million in PolicyBazaar across at least two transactions. These include an approximately $77 million Series E round in 2017 that True North co-led alongside Chiratae Ventures and Wellington Management. True North re-upped in a $200 million Series F led by SoftBank Vision Fund the following year.
PolicyBazzar allows users to compare competing bids for financial products and is best known for its general and life insurance services. The platform has more than 100 million visitors a day and facilitates around 400,000 transactions a month. There is also a companion service called PaisaBazaar that provides quotes for consumer lending and credit.
True North, formerly known as India Value Fund Advisors, closed its sixth fund in 2019 at about $600 million. Previously sector-agnostic, the firm now has dedicated teams for financial services, healthcare, consumer, and agriculture. Recent exit activity also includes the sale of an undisclosed number of shares in Home First Finance to Warburg Pincus.
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