Bay Capital invests in Policybazaar in a secondary transaction
March 3rd, 2021
Bay Capital has become the latest overseas fund to invest in Gurgaon-based company PB Fintech (formerly, Etechaces Marketing and Consulting), the holding company of Policybazaar. Bay Capital has completed a secondary transaction, ahead of the insurance aggregator’s plans to launch an initial public offering (IPO) in the next 12 to 15 months. PB Fintech became a unicorn in 2018 when it raised $200 million in a Series F round led by Softbank.
In a statement, Siddharth Mehta, Founder and CIO of Bay Capital, said, “We are excited to partner with the excellent management team of PB Fintech, which is transforming the way insurance is bought in India. Customer centricity has been the heart of their proposition and has helped them become the platform of choice for customers.”
“The company’s tech focussed approach has been a key enabler in ensuring better transparency, decreasing costs, and increasing adoption in the country over the last 12 years. We believe PB Fintech is well-positioned to become one of the largest financial services ecommerce company in India and is poised for a strong growth trajectory in the years
to come.” he added.
Yashish Dahiya, Founder and Group CEO of PB Fintech, said, “We are delighted to welcome Bay Capital onto our cap table. We’ve known Bay Capital and Sid for quite some time, and are very happy to have them join us for this next phase of Policybazaar’s journey. Bay Capital is a long-term investor and we see them playing a key role as Policybazaar heads towards the public markets in the next 12-15 months.”
PB Fintech is the holding company for – Policybazaar.com, India’s largest online insurance comparison portal (100% owned) and Paisabazaar.com, India’s largest online credit
comparison and portal (100% owned). Apart from playing the role of online comparators and aggregators, the two portals have been instrumental in driving online penetration in
their respective financial services segments and hold pole position in terms of both business generated and online traffic, in many instances exceeding even the largest insurance and credit providers in few segments.
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Founder & CIO