Bay Capital, which manages cash on behalf of establishments and endowments from the US and the Europe, has infused an undisclosed sum into the mother or father firm PB
“Bay Capital has accomplished a secondary transaction, forward of the insurance coverage aggregator’s plans to launch an IPO within the subsequent 12-15 months,” Bay Capital stated on Wednesday.
Nevertheless, how a lot capital has been infused by Bay Capital couldn’t be ascertained.
PB Fintech had attained the standing of a unicorn in 2018 when it raised USD 200 million in a Collection-F spherical led by Japan’s Softbank.
Siddharth Mehta, founder and CIO of Bay Capital, stated PB Fintech has reworked the way in which insurance coverage is purchased in India.
“Buyer centricity has been the guts of their proposition and has helped them turn into the platform of alternative for purchasers,” he stated.
Yashish Dahiya, founder and Group CEO of PB Fintech, stated Bay Capital is a long-term investor and the corporate sees them taking part in a key function as Policybazaar heads in the direction of the general public markets within the subsequent 12-15 months.
India focussed Bay Capital has invested in areas resembling client, digital, finance, outsourcing and well being.
Amongst others, Policybazaar.com has buyers of the likes of Information Edge, Premji Make investments, Temasek, Ribbit Capital, Chiratae, Inventus Capital Partners, True North, Tiger Global, Wellington and Steadview.
PB Fintech additionally holds Paisabazaar.com, which is a web based credit score comparability portal.