Policybazaar to raise $150 million in third quarter

Insurance aggregator Policybazaar plans to raise USD 150 million (about ₹1,100 crore) as buffer capital during the third quarter of current fiscal. Although the company doesn’t require capital for business expansion, it may raise some funds as a buffer for unforeseen events, Policybazaar.com Group CEO and co-founder Yashish Dahiya told PTI.

“We might raise some capital as a buffer. In the future you never know what will happen. This year COVID happened. What if something else happens in the future. We may raise about USD 150 million, but that is more for safety than for any plan. It may happen in the Q3,” he said.

Meanwhile, Policybazaar expects to return to profitability this fiscal on the back of surge in demand for insurance products amid the COVID-19 pandemic.