PolicyX.com Looking at Exploring Series A Funding Option

NEW DELHI, November 4, 2015 /PRNewswire/ --

Plans to Raise US$ 25 Million Through the Funding Round 

PolicyX.com, an IRDA approved online insurance comparison portal founded in 2013, is actively looking at exploring Series A funding option to raise an approximate amount of around US$ 25 million. Although there is no fixed timeline set for the process, but as per internal targets, the funding round may take place within the next 6-12 months.

The proposed Series A funding round will support the company's growth targets and complement its plans to capture the major chunk of the online insurance market space by 2018. The announcement comes in the backdrop of the major growth and expansion of the company. From being an organization that started its operation with just 3 employees, it has grown to around 100 employees strong in the short time span.

The announcement further confirms the untapped growth potential of the online insurance marketplace which has witnessed the entry and growth of some key players in the past couple of years.

Elaborating on the announcement, Naval Goel, Founder & CEO, PolicyX.com, said, "PolicyX.com was founded with a vision to provide customers with an unbiased platform to choose and select insurance products as per their requirements. Buoyed by the growth that we have witnessed over the course of two years, our aim is to further strengthen the tech and user interface along with a focus on key marketing and branding activities to further enhance our reach. The funding option that we are exploring currently is aimed at fulfilling the said goals that we have set for ourselves for the next few quarters."

Adding further, Naval stated, "The Indian insurance market is currently worth more than US$60 billion, of which online insurance segment contributes less than a per cent. However, going forward, we expect the online sector to contribute at least 30-50% of the total premium. We as a company have witnessed a Y-O-Y growth of 10x since the time of our inception and are confident of being able to maintain the growth rate for the coming years."

The company is completely self-funded and works on a commission based model wherein it gets paid by the insurance companies after consumers make the purchase decision post comparing from the portal. The strategic, tech and backend support is provided by the corporate team based out at Gurgaon and on-ground support and guidance to the customers is provided by the in-house delivery centre based out of Kirti Nagar, New Delhi.

PolicyX.com has a strong presence in the health insurance sector and gradually, it is expanding its presence across other sectors like child insurance, motor insurance, home insurance, travel insurance, term insurance among others.

About PolicyX.com 

PolicyX.com, headquartered at Gurgaon, is one of the fastest growing, self-funded insurance comparison portals in India. It provides free quotes and comparison related to motor, health, life, child insurance and many other related products complete with live quotes, dynamic cash flow charts (first in segment), videos and infographics. The company has more than 0.5 million page views per month and has tie-ups with more than 20 leading insurance providers such as Religare Health Insurance, Aviva, Max Life Insurance, HDFC Life, Bajaj Allianz, Tata AIG, HDFC ERGO, Cigna Health Insurance, Aegon Religare, Star Health among others.

Website - http://www.policyx.com

Media Contact:
Tushar Singh
[email protected]
+91-8800511577
Sr. Manager - Corporate Communications
PolicyX.com