Policybazaar joins unicorn club with $200 million funding

Online financial services portal raises funds from SoftBank Group, its existing investors. Founded in 2008, Policybazaar currently accounts for nearly 25 per cent of India's life cover, and over 7 per cent of India's retail health insurance business. The online insurance platform competes with Sequoia Capital-backed BankBazaar, a new entrant Coverfox, which recently raised $22 million, besides Fairfax Financial Holdings-backed Digit Insurance, and start-up Acko, which raised $12 million from Amazon in May this year.