PB Fintech Limited ( Policybazaar )
Headquarters- Gurgaon, Haryana.
Area served- India, UAE.
Key people- Yashish Dahiya, Alok Bansal, Avaneesh Nirja.
Number of employees- 4000 plus
Policybazaar is India’s leading fintech startup which is legally known as PB fintech ltd. It is an Indian insurance aggregator and multinational financial technology company. Policybazaar founders are Yashish Dahiya, Alok Bansal and Avaneesh Niraj, and it was founded in June 2008. It’s headquartered in Gurgaon, Haryana. The company has provided two digital platform websites and a mobile app.
Policybazaar was incorporated in June 2008 by Yashish Dahiya, Alok Bansal and Avaneesh Nirjar. They noticed a lack of information on products, transparency was missing, misselling, high lapse rate of insurance policy and consumers didn’t trust the insurance industry. The company started comparison between two policies in their initial days.
In 2015, policy bazaar launched its app for android and Ios users. The company has subsequently expanded their services to become the best marketplace for insurance policies.
In June 2019, the IRDAI 9 Insurance regulatory and development authority of India) imposed a penalty of Rs 24 lakh on the Policybazaar for flouting norms related to SMS advertising.
Products and Services
Policy bazaar provided convenient access to insurance, credit, and other financial products. Its aim is to create awareness in India about the financial impact of death, disease, and damage. The company is an online platform for insurance partners and retail consumers to buy and sell insurance products, 51 insurer partners offered over 340+ terms, accident, healthcare, house and travel insurance products on the policy bazaar platform, as of March 2021. Policybazaar offers its user with pre-purchase, purchase, including application, inspection, medical check-up and payment, and post-purchase policy management, including claims facilitation, renewable, cancellation and refunds.
2008- Info edge, which is the job portal, invested $ 6.9 million as the seed fund in Policybazaar.
2011- the company has raised $ 12.86 million through a venture round, led by the Intel capital and info edge.
2013- Policybazaar raised $ 5 million from the third round of funding in April 2013. This series B round was led by Inventus capital partner, Info Edge, and Intel capital.
2014- In May 2013, Policybazaar raised $ 20 million in a Series C round of funding through its existing investor Tiger global management.
2015- The company has raised around $ 40 million in its Series D round of funding, led by Premji ( Wipro chairman ).
2018- Policybazaar raised $ 238 million in June 2018 in its series F funding round, led by Softbank, Info edge.
2020- The existing investor Softbank invested an additional $ 130 million to increase the stake up to 15 % in July 2021, at a valuation of $ 1.5 billion.
2021- In 2021, Policybazaar has raised a $ 120 million funding round And private equity round. It was led by falcon edge capital and another existing investor.
Policybazaar plans to raise Rs 5625 Cr from IPO, It has a fresh issue of Rs 3750 Cr and an offer for sale of Rs 187 Cr. The IPO will open on 1 Nov 2021 and close on 3 Nov 2021, price band set at Rs 940 to Rs 980 per share. The grey market is paying Rs 150 per share extra to buy the shares before the listing of a company on the stock market.
- Strong network effects for Policybazaar and Paisabazaar platforms.
- Collaboration partnership with different firms.
- The capital efficient model with low operating cost
- Experience management team members.
- The high renewal rate of policies.
- Policybazaar’s initial public offer (IPO) was subscribed 16.59 times on the third and final day of its issue, according to subscription data on the stock exchanges.
Policybazaar Parent Company Share Listing (PB Fintech) on Stocks market at 17.35% Premium.
- Policybazaar shares surge 26.5% over IPO price on listing day.
Co-founder & CFO
Chief Operating Officer
Group Head Legal