True North takes partial exit from PolicyBazaar; sells stake to Serum, four others

• The TrueNorth Financial institute has reduced its holding into PolicyBazar and sold its share to five independent buyers.
• It has launched six separate investment funds with a combined corpus of approx $3 billion, including co-investments.
• The insurance aggregator claims to serves over eight million insurance buyers annually and hosts 40+ insurers on its platform.

Mumbai based capital market company, TrueNorth has announced that it has sold a proportion of its holding in PolicyBazar 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.

Set up in 1999, a financial institution that invests money into startups to scale up their business.TrueNorth has invested in over 35 mid-sized profitable businesses, inclusive of 13 from which it later exited. It eventually transformed into world-class industry leaders that are sustainable, respected, and admired by peers and society at large. So far the firm has released six separate investments value approx $3 billion, including co-investments

According to the reports, TrueNorth first had disclosed that it sold the first proportion of its holding in the company in October 2020. The company is intending to amplify the supply of funds to potential startups.

Speaking on the latest development t, Divya Sehgal, Partner, TrueNorth stated,

“We had great business experience with PolicyBazar over the last three years. We are happy with the company’s sustained growth position even in the pandemic. We will continue to support PolicyBazaar as it heads towards public markets in the next 12-15 months and scripts many more success stories.”

Further adding, Yashish Dahiya, CEO of, Policybazaar said, “TrueNorth 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. TrueNorth continues to be an investor and we thank them for the confidence.”

Founded in 2008, PolicyBazaar is an insurance aggregator platform that facilitates users to compare the insurance policies of different companies and find the best suitable one based on price, quality, and key benefits.

Also Read: Policybazaar Confirms to go Public in 2021: Set to become India’s first Digital unicorn startup to make a debut on Stockmarket

The PolicyBazar claims that it sells around eight million insurance buyers annually and tied up with 40+ insurers on its platform.

Last year, It was reported that Policybazaar is likely to launch its IPO this year, "PolicyBazaar is now all set to release its IPO in mid-2021. The founder Yashish Dahiya told Bloomberg that the PolicyBazaar is planning to raise around 250$ Million with a valuation of 3.5$ Billion".

Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.