True North sells Policy Bazaar stake to five buyers in second deal
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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