Serum Institute of India Private Limited has acquired a stake in PolicyBazaar from True North. True North has sold a part of its holding in PolicyBazaar to five independent buyers – Ashoka India Equity Investment Trust Plc, Triumph Global Holdings Pte Limited, Serum Institute of India Private Limited, IIFL Special Opportunities Fund Series 8 and India Acorn Fund Limited.
True North focuses on investing in and transforming mid-sized profitable businesses into large well-established businesses that are valuable, enduring, and socially responsible. So far, it has launched six separate investment funds with a combined corpus of approx $3 Bn, including co-investments.
Yashish Dahiya, CEO, Policybazaar said, “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.”