Leading online insurance policy aggregator Policybazaar has got a capital boost from investment management firm Bay Capital, ahead of its initial public offering (IPO) in the next 12-15 months.
Bay Capital, which manages money on behalf of institutions and endowments from the US and the Europe, has infused an undisclosed sum into the parent company PB Fintech of Policybazaar.
"Bay Capital has completed a secondary transaction, ahead of the insurance aggregator's plans to launch an IPO in the next 12-15 months," Bay Capital said on Wednesday.
However, how much capital has been infused by Bay Capital could not be ascertained.
PB Fintech had attained the status of a unicorn in 2018 when it raised USD 200 million in a Series-F round led by Japan's Softbank.
"Customer centricity has been the heart of their proposition and has helped them become the platform of choice for customers," he said.