Latest News | True North Part-exits Policybazaar

Mumbai, Oct 30 (PTI) Domestic private equity major True North (TN) on Friday said it has part-exited its investment in insurance aggregator Policybazaar.

The PE fund, however, did not share financial details on the exit like the stake sold or returns made.

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TN, which has a slew of bets in the financial sector, had invested in the company in September 2017.

"Policybazaar has scripted a great success story and is truly a market leader in the insurance space. It has been the fastest growing platform for many years," TN's partner Divya Sehgal said.

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Sehgal added that the private equity fund is looking forward to "exciting times ahead with the entire team" at Policybazaar.

The statement said the company is on track for an initial public offering in the next fiscal.

The company is India's largest insurance aggregator, serves over 80 lakh buyers and hosts over 40 insurers on the platform, the TN statement said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)