EasyPolicy raises $8-10 million of capital funding

EasyPolicy, an online insurance services startup, raised $8-10 million capital funding from its two major partners Unilazer Ventures (the private investment firm set up by Ronnie Screwvala) and the Burman family office, created by the promoters of domestic FMCG giant Dabur. The funds will be used by the startup to establish and strengthen its distribution system across the country’s tier II and III cities. The firm is also planning to foray into two-wheeler insurance and customized small-ticket health insurance segments. It competes with market leader PolicyBazaar.com, Coverfox and Amazon-backed BankBazaar.

The startup recorded INR15 crore of annual new business premium (ANBP) in FY16, and is planning to achieve ANBP target of INR40 crore by the end of current fiscal year. It was founded in 2011 by former Thomson Reuters executive Bhatnagar, Neeraj Aggarwala and Divyanshu Tripathi, a founding member of PolicyBazaar.