PolicyBazaar

The new entity, which is expected to be named either 'PB Healthcare Private Limited' or 'PB Healthcare Services Private Limited,' will focus on providing healthcare services.

The funds have been raised through established global investors from Europe, the US, the Middle East, and India. With the green shoe option in play, Playbook Partners aims to increase the fund to USD 250 million.

With insurance having traditionally been a physical meet-and-greet industry, the new players are nailing the tech side, but know the value of not taking the age-old system lightly

Back in 2014 when Dahiya was trying to raise capital, almost everybody was telling him that don't raise it for an insurance distribution company, raise it for an insurance company. And there were investors lining up and saying "if you were doing an insurance company, I would like to fund you."