Sanjeev Bikhchandani (Founder, Info Edge)- "In my meeting with Yashish in 2008, he made a bold claim that he was willing to make a wager that I was paying 60% more for my car insurance than I need have. This intrigued me and I asked for a demo. He gave me a demo using the prototype they had built which substantiated his claim. There were cheaper policies available with similar features that I was not aware about. The Policybazaar team was solving a real, unsolved customer problem. The founding team came with strong pedigree and at such an early stage, it is essentially the team that we back. We also believed that if a product could bring this kind of customer transparency and reduce mis-selling on a wide scale, it would really benefit everyone involved. Then, and even now after over 10 years since that first investment, the team continues to execute very well and has created strong IP -brand and network effect- that is hard to replicate."

Policybazaar dominates the online insurance market in India and is revolutionizing the way Indians buy insurance and other financial service products. Their unique blend of tech and consumer centric approach is increasing transparency in an otherwise opaque market and assisting consumers in making better product decisions. We think very highly of the management team and are excited to be partners in this journey.

True North believes that insurance is a vast and attractive market. Within insurance, due to greater technological penetration, online as a medium is gaining increasing share of sales. True North believes that online is the future of insurance sales and is shaping up to be a “Winner takes all segment. Policy Bazaar is one of the pioneers in the online insurance segment in India and is deeply entrenched in the market with 90% share in Third Party online sales and 40% share in Total online sales at the time of investment. True North has complete faith in the highly-credible management team to deliver the results.

PolicyBazaar is India's #1 Online Insurance Marketplace leaving behind the competition by an order of magnitude. It is the only digital business in India that’s growing at over 80% without deep discounts and customer incentives. PolicyBazaar provides its consumers with over 330+ flavors of insurance products from 38+ Insurers. It is also the Largest Third Party Distributor of Insurance in India, including offline and online players. It sits on a large market opportunity with very strong headroom for rapid growth with a stellar leadership team, favourable macro environment and the existing market dominance that it has created. PolicyBazaar has the potential to become 1 stop shop for consumer for all financial products such as loan, insurance, investments and Personal Financial Management (PFM), thus unlocking significant value for the consumers.

Over the last decade, PolicyBazaar has become synonymous with online insurance in India. We believe that the Indian insurance market continues to remain massively under-developed and PolicyBazaar, supported by the Vision Fund’s capital and ecosystem, is well positioned to dramatically increase the adoption of insurance products in the country.