True North Fund announces a partial exit from PolicyBazaar
True North sold a part of its holding in PolicyBazaar to five independent buyers – Ashoka India Equity Investment Trust Plc, Triumph Global Holdings Pte Limited, Serum Institute of India Private Limited, IIFL Special Opportunities Fund Series 8, and India Acorn Fund Limited on Friday.
Homegrown private equity firm on Friday sold a part of its holding in to five independent buyers – Ashoka India Equity Investment Trust Plc, Triumph Global Holdings Pte Limited, Serum Institute of India Private Limited, IIFL Special Opportunities Fund Series 8, and India Acorn Fund Limited.
In October 2020, True North had conducted the first tranche of its stake sale in the company. It continues to be invested in the company for its next phase of growth.
Speaking about the recent development, Divya Sehgal, Partner, True North stated,
“We’ve had a great partnership with PolicyBazaar over the last three years. We are extremely pleased with the company’s sustained growth momentum and efficiency in delivering great results in spite of the challenging market conditions. We will continue to support PolicyBazaar as it heads towards public markets in the next 12-15 months and scripts many more success stories.”
Founded in 1999, True North focuses on investing in and transforming mid-sized profitable businesses into large well-established businesses that are valuable, enduring, and socially responsible. So far, it has launched six separate investment funds with a combined corpus of approx $3 billion, including co-investments.
Further adding, Yashish Dahiya, CEO, Policybazaar said,
“True North has been and continues to be a good friend, advisor and has supported us as an investor through the last few years. We are grateful for that, and glad to see them having a good partial exit, we welcome on board the new shareholders. True North continues to be an investor and we thank them for the confidence.”
Started in 2008, PolicyBazaar is an insurance aggregator and a financial technology startup that enabled users to compare financial services from major insurance companies on the basis of price, quality, and key benefits.
The platform claims to serves over eight million insurance buyers annually and hosts 40+ insurers on its platform.
Edited by Kanishk Singh