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Private-equity fund True North on Friday said it has sold part of its holding in insurtech startup PolicyBazaar to five independent buyers, including vaccine producer Serum Institute of India.

The four others are Ashoka India Equity Investment Trust Plc, Triumph Global Holdings Pte Limited, IIFL Special Opportunities Fund Series 8, and India Acorn Fund Ltd.

Last October, True North Fund conducted the first tranche of its stake sale in the company. Post this new transaction, True North will continue to be invested in PolicyBazaar.

The fund did not give financial details of the stake sale or the total stake it will continue to hold.

“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 12-15 months and scripts many more success stories," said Divya Sehgal, partner, True North.

Last month, New-York based private equity firm Falcon Edge invested close to $75 million in PolicyBazaar’s UAE arm to fuel its expansion in West Asia. The same month, the startup also raised an undisclosed amount from investment management firm Bay Capital.

“True North has been and continues to be a good friend, advisor and has supported us as an investor. We are grateful for that and glad to see them having a good partial exit. We welcome onboard the new shareholders. True North continues to be an investor, and we thank them for the confidence," said Yashish Dahiya, chief executive officer, PolicyBazaar.

Recently, Bloomberg reported citing unidentified people that PolicyBazaar plans to file a draft share sale documents as soon as next month.

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