Policybazaar overview

Policybazaar is an insurance aggregator and fintech company, offer a range of insurance policies including, but not limited to, life, health, motor and corporate. The website and app compares more than 250 plans, from all major insurance providers in India, offering consumers with analysis on price quality and key benefits to ensure transparency and full understanding.

The company claims to account for 24% of India's life cover.

Policybazaar has stated it is focused on further developing its UX technology, and expanding internationally, beginning in the Middle East.

The company secured $200M in funding from SoftBank's Vision Fund in 2018, bringing the value of the policy aggregator to over $1B. Policybazaar has also been backed by Intel Capital, Wellington Management and Tiger Global Management, amongst others.

In August 2018, the venture introduced a multilingual interface geared towards two-wheeler users requiring coverage in tier-II and tier-III cities. The following month, they announced a $50M investment into telehealth company, DocPrime.

In November 2019 Tencent acquired a 10% stake in the company for $150m, valuing the company at around $1.5bn. PolicyBazaar has stated that the funding will be used to expand within financial services segments.

Policybazaar's FY2019 report, released early 2020, revealed losses grew by 23x in 2019 (Rs 213.1 compared to Rs 9.42 crore in 2018), whilst revenue almost doubled, reaching Rs 310.3 crore from Rs 158.3 crore in FY18.

In July 2020 PolicyBazaar reported a raise of $130m from SoftBank's Vision Fund, giving SoftBank a 15% stake in the business. This news came despite the insurance marketplace's CEO saying that SoftBank's previous pushes for the company to expand were a 'mistake' and led to losses.

That same month, the company revealed it was planning an IPO in 2021 at a valuation of $3.5bn+. It also confirmed it's aiming to raise a quarter of a billion in capital through new funding. If everything goes to plan, it would make it one of the biggest IPOs for an Indian startup.

In August 2020 rumours began circulating that Google was looking to potentially invest $150m into Policybazaar for a 10% stake as part of its overall plan to invest $10b into India over the next 5-7 years. In turn, Policybazaar investor SoftBank may also make a partial exit.

In February 2021 it was reported that Policybazaar parent Etechaces Marketing and Consulting was set to receive a $70m investment from Abu Dhabi investment firm ADQ ahead of its IPO, potentially valuing the company at $2bn. ADQ did not confirm the reports.

Map showing the location of Policybazaar

Gurgaon, India

Need more insight?

Speak to us about commissioning some bespoke research.

Find out more

Key people

Parag Dhol Board Member
Manoj Sharma Co-Founder & Associate Director-Finance
Avaneesh Nirjar Co-Founder & Chief Operating Officer
Yashish Dahiya Co-Founder & Chief Executive Officer
Alok Bansal Co-Founder & Director
Aman Dhall Head of Communications
Tarun Mathur Chief Business Officer
Jayant Chauhan Chief Product Officer
Rahul Agarwal CTO