Private equity fund manager True North has sold a part of its holding in PolicyBazaar to five buyers after selling the first stake in October 2020.
True North said it continues to be invested in the company after selling its stake to Ashoka India Equity Investment Trust, Triumph Global Holdings, Serum Institute of India, IIFL Special Opportunities Fund Series 8 and India Acorn Fund .
“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,” said Divya Sehgal, Partner at True North.
“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,” said Yashish Dahiya, CEO, Policybazaar.
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