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Serum institute of India buys stake in Policy Bazaar
April 14, 2021
Adar Poonawalla-headed vaccine maker Serum Institute of India (SII) has purchased a minority stake in the first sale of stock (IPO) bound Policybazaar.
The investment firm True North has sold a part of its stake in PolicyBazaar to five distinct firms SII, Ashoka India Equity Investment Trust Plc, Triumph Global Holdings Pte, IIFL Special Opportunities Fund Series 8 and India Acorn Fund.
“True North has been & continues to be good friend, guide and has upheld us as a financial investor through the most recent couple of years. We are appreciative for that, and happy to see them having a decent partial exit, we welcome on board the new investors. Genuine North keeps on being a financial investor and we say thanks to them for the certainty,” said Yashish Dahiya, CEO of Policybazaar in a press proclamation.
India’s online protection unicorn Policybazaar is allegedly seeking head for an IPO in 2021. Sponsored by financial investors like SoftBank’s Vision Fund, Tiger Global Management and Tencent Holdings, Policybazaar was last valued at $3.5 billion.
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