Money & Banking

Policybazaar on track to break even this fiscal, says CEO

Priyanka Pani Mumbai | Updated on January 12, 2018 Published on January 12, 2017

Yashish Dahiya, CEO and founder, PolicyBazaar

Etechaces Marketing and Consulting, the parent of online financial products platform Policybazaar, reported revenues of ₹110 crore (including other items) for fiscal 2016.

This was a 30 per cent jump against the ₹77 crore reported in 2015, according to data filed with the Registrar of Companies.

The company’s losses have also widened marginally — ₹79 crore in FY16, compared with ₹71 crore in FY15. Responding to queries from BusinessLine, Yashish Dahiya, CEO and founder of PolicyBazaar, said: “We have already crossed ₹130 crore in revenue from our primary business in the current fiscal year. We are aiming for ₹175 crore revenues in FY17, nearly 100 per cent growth over last fiscal.”

Rise in transactions

Dahiya further said the company is recording more than 100,000 transactions on an average every month, nearly double of what it was doing last fiscal.

“The revenues are significantly looking up in FY17 and we are well on track to break even this fiscal. Our operational efficiencies are better and we are seeing better quality of customers.

“With a little bit of technology innovation, business has only become far more streamlined.

“Slowly, we are increasing the platform for customers to make transactions on their own, without any assistance or support,” he said, adding that the company is looking to underwrite premiums worth ₹10,000 crore by 2020.

Fund-raising

Policybazaar, which provides information across products such as medical, term life, travel or motor insurance, low prices ULIPS and other investment products, makes money from the insurers for the products purchased through its platform. The fee varies from product to product.

The company had raised about $40 million from Premji Invest in 2015, thus taking the total funds raised to about $410 million, according to Crunchbase. Other investors in the round included Tiger Global Management, Inventus Capital Partners, Ribbit Capital Portfolio Company, Steadview Capital Management, Temasek and ABG Capital.

Policybazaar has 180 employees in technology, 70 in marketing and product and 30 in management.

Published on January 12, 2017
This article is closed for comments.
Please Email the Editor