True North divested a portion of its stake in Indian insurance aggregator Policybazaar to five independent buyers. Credit: Hannah Busing on Unsplash

Private equity firm True North has divested a portion of its stake in Indian insurance aggregator Policybazaar to five independent buyers, including Serum Institute of India (SII).

In addition to Adar Poonawalla’s SII, the other buyers were Ashoka India Equity Investment Trust, Triumph Global Holdings, IIFL Special Opportunities Fund Series 8 and India Acorn Fund.

Financial terms of the transaction were not made public.

True North made an investment of around $50m in Policybazaar in 2017.Last October, it offloaded a portion of its holding.

Policybazaar CEO Yashish Dahiya said: “True North has been and continues to be a good friend, adviser 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.”

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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,” said, True North partner Divya Sehgal.

Plans to go public

Established in 2008, PolicyBazaar currently hosts over 100 million visitors a year and sells 400,000 insurance policies per month, says its website.

The development comes shortly after it was reported that PolicyBazaar will file a draft prospectus for a Mumbai IPO next month.

The report also said that the IPO could around $500m, valuing the aggregator at more than $3.5bn.

The firm, which has SoftBank’s Vision Fund, Tiger Global Management and Tencent Holdings as backers, seeks a listing before the end of 2021.

Recently, Policybazaar received $75m funding from New York-based Falcon Edge Capital for its UAE unit.