Policybazaar is an online life insurance and general insurance aggregator that provides comparative analysis of insurance products on the basis of price, quality, and key benefits. The company was founded by Alok Bansal, Tarun Mathur, and Avaneesh Nirjar in 2008. The company now has over 9 million customers and over 50 insurer partners.
The Gurugram-based company has raised Rs 4602.67 crores across 12 funding rounds since its inception, according to data intelligence platform TheKredible. Its latest round, Series F, captured Rs 900.21 crore from SoftBank Group and Alpha Wave in March 2021. The insurtech company previously raised Rs 1066.50 crore in FY20 and Rs 1627.60 crore in FY19.
While Policybazaar’s investors SoftBank and Tencent hold 4.39% and 6.28% of the company respectively, its co-founder Bansal holds 1.67% of the company shares.
The company recorded a revenue of Rs 2816.92 crore in FY23 with a valuation of Rs 34415 crore. The same financial year Policybazaar recorded an expense of Rs 3304.24 crore and a loss of Rs 487.93 crore. At the same time, the company saw a majority of its overall revenue coming in from operations.
Mimicking FY22’s expense breakdown, FY23 too saw employee benefits being the highest expense with advertisement and promotional costs following.
With a continuous growth in revenue, the company witnessed Rs 957.41 crore and Rs 1550.86 crore in FY21 and FY22 respectively. Policybazaar saw expenses of Rs 1099.71 crore in FY21 and Rs 2383.24 in FY22. While it saw a loss of only Rs 150.24 crore in FY21, FY22 was a loss of Rs 832.91 crore.
In FY23, Policybazaar recorded a positive assets turnover ratio and revenue from operation of 42.04% and 1.292 respectively. Its EBITDA and ROCE was recorded in negatives of 14.29% and 8.18% respectively, both improvements from its previous financial years which recorded a negative EBITDA of 50.12% and ROCE of – 14.70%.
Among a few of Policybazaar’s competitors are Thane-based Turtlemint, Gurugram-based Insurancedekho, Mumbai-based Coverfox, and Bengaluru-based Uni.