Policybazaar Explained

Policybazaar
Type:Public
Isin:INE417T01026
Founded: in Gurgaon
Hq Location:Plot No. 119, Sector 44
Hq Location City:Gurgaon, Haryana
Hq Location Country:India[1]
Products:Insurance
Revenue: (FY24)
Operating Income: (FY24)
Net Income: (FY24)[2]
Parent:PB Fintech Ltd.

Policybazaar is an Indian insurance aggregator and multinational financial technology company based in Gurgaon. The corporation was established in June 2008 by Yashish Dahiya,[3] Alok Bansal[4] and Avaneesh Nirjar.[5] It provides a digital platform—website and an app—where users can compare insurance policies and other financial services from major insurance companies. The company is India's largest insurance aggregator,[6] and has expanded its operations to the United Arab Emirates.[7] [8] [9]

Policybazaar is the flagship subsidiary of PB Fintech Ltd., which also owns the credit product aggregator Paisabazaar.[10]

History

Policybazaar.com was founded in June 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar, starting out as an insurance comparison website.[11] [12] At that time, the Indian insurance industry still lacked transparency and policies were mostly sold through agents. Policybazaar started by listing the details of multiple insurance policies for customers to choose from.[13] It began as a price-comparison website, and an information portal for learning about insurance and insurance programs. The website subsequently expanded to become a marketplace for insurance policies. In 2015, Policybazaar launched its app[14] for Android and iOS users.

In February 2020, Sarbvir Singh was appointed CEO, effective December 2019, while Yashish Dahiya took over the role of group CEO.[15]

In June 2021, Policybazaar obtained an insurance broking license from IRDAI and announced that it would set up 100 offline outlets across India. The company also surrendered its web aggregator license.[16] [17]

Products

In 2021, Policybazaar moved from a policy price comparison website to an insurance selling operation. The company claims to process nearly 25% of India's life insurance and over 7% of the country's retail health cover.

Policybazaar.com has tie-ups with insurance companies that help it procure information such as prices, benefits, insurance cover, etc. directly from the insurers. Users can use the Policybazaar website or app to research, compare and buy insurance policies from over 40 insurance providers. Policybazaar has companies that offer car insurance, health insurance, life insurance, corporate insurance, and travel insurance as its business partners.

The Insurance Regulatory And Development Authority of India regulates the insurance web aggregation business of Policybazaar. The company is registered as an insurance web aggregator under the Insurance Web Aggregator Regulations, 2017.[18]

Funding

Policybazaar.com has so far raised US$366 million in seven rounds of funding since its inception in 2008.[19]

Info Edge, which runs the online job portal Naukri.com, invested as the seed fund in Policybazaar in mid 2008.[11] Intel Capital and Info Edge invested into Policybazaar in May 2011 as part of the venture round.[20]

Policybazaar raised US$9 million from Intel Capital and Inventus Capital Partners in its Series A investment round. Policybazaar raised US$5 million in its third round of funding in April 2013. This Series B investment was led by Inventus Capital Partners along with Info Edge and Intel Capital.[21] [22] [23] In May 2014, Policybazaar.com raised $20 million in a Series C round of funding from existing investors including Tiger Global Management.[23]

Policybazaar raised around US$40 million in its Series D round of funding in April 2015 from Premji Invest, the personal investment vehicle of Wipro chairman Azim Premji. The Series D also attracted money from Steadview Capital and ABG Capital.[24] [25] Policybazaar raised US$77 million in its Series E funding round. This was led by at least three new investors, including True North and IDG Venture Partners invested in this round. Also, several media reports claimed that Boston-based asset management firm Wellington Management Group invested in the online insurance aggregator.[26]

Policybazaar raised a total of US$238 million in June 2018 in its series F funding. Tokyo-based Softbank Group’s Vision fund led the round with its US$150 million investment that gave it a 15% stake in the parent company of Policybazaar, ETechAces Marketing and Consulting. The Series F investment saw Info Edge put in $45 million in the company through a special purpose vehicle, effectively lifting its stake to 13% from 9%.[27] Softbank invested an additional $130 million to increase its stake to 15% in July 2020, valuing Policybazaar at around U$1.5 billion.[28]

In November 2021, PB Fintech Ltd., the parent company of Policybazaar, opened its initial public offering (IPO) and raised .[29] Shares of PB Fintech Ltd. began trading on National Stock Exchange and Bombay Stock Exchange on 15 November 2021.[30]

Investors

Controversies

In early 2019, Policybazaar filed an intellectual property case against insurance company Acko General Insurance and Coverfox Insurance Broking Private Limited for trademark infringement.[38] [39]

In May 2021, the Insurance Regulatory and Development Authority of India (IRDAI) imposed a fine of on Policybazaar for flouting norms related to SMS advertising.[40]

On 25 July 2022, Policybazaar acknowledged that there had been a data breach,[41] resulting in over 50 million user data records being leaked. Cyberx9 reported that they identified the vulnerabilities, which seemed like "intentional backdoor vulnerabilities", which "did not get fixed until 7 days even though it would take about an hour to fix them".[42]

On 6 December 2023, Policybazaar sends defamation notice to insurance review platform Beshak Solutions Private Limited.[43]

Awards

External links

Notes and References

  1. Web site: Contact Us . PolicyBazaar . 26 October 2021 . 26 October 2021 . https://web.archive.org/web/20211026193327/https://www.policybazaar.com/contact-us/ . live .
  2. News: Rudra . Tapanjana . PB Fintech Q4: Profit Jumps 62% QoQ To INR 60.2 Cr . 29 May 2024 . Inc42 Media . 7 May 2024 . en.
  3. News: Yashish Dahiya's success mantra: Running, swimming help him stay unbiased at work. Menon. Rashmi. 2018-08-01. The Economic Times. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022111249/https://economictimes.indiatimes.com/magazines/panache/policybazaar-co-founders-success-mantra-how-running-swimming-help-yashish-dahiya-stay-unbiased-at-work/articleshow/65222101.cms. live.
  4. Web site: Alok Bansal, CFO/Co-Founder, Policybazaar Insurance Web Aggregator Pvt Ltd. www.bloomberg.com. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022100253/https://www.bloomberg.com/profile/person/20472655. live.
  5. Web site: Online Insurance Company PolicyBazaar Gears Up To Explore Healthcare Tech And Services Market. 2018-03-12. Inc42 Media. en-US. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022110932/https://inc42.com/buzz/insurance-company-policybazaar-explore-healthcare-tech-services/. live.
  6. Web site: IRDA Could Stifle Online Insurance Aggregators. Forbes India. en. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022100254/http://www.forbesindia.com/article/real-issue/irda-could-stifle-online-insurance-aggregators/36081/1. live.
  7. News: Policybazaar Group forays into UAE insurance and lending market. ANI. 2018-09-24. Business Standard India. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022095847/https://www.business-standard.com/article/news-ani/policybazaar-group-forays-into-uae-insurance-and-lending-market-118092400379_1.html. live.
  8. News: India's newest unicorn is disrupting a 200-year-old industry . U N . Sushma . 27 June 2018 . Quartz . 18 July 2018 . 18 July 2018 . https://web.archive.org/web/20180718205620/https://qz.com/1314616/policybazaar-joins-indias-unicorn-club-with-over-200-million-from-softbank-infoedge/ . live .
  9. News: Policybazaar: The best policy . Chatterjee . Paramita . 18 August 2017 . Forbes India . 18 July 2018 . 18 July 2018 . https://web.archive.org/web/20180718124450/http://www.forbesindia.com/article/hidden-gems-2017/policybazaar-the-best-policy/47891/1 . live .
  10. News: Policybazaar files DRHP with Sebi for Rs 6,000-crore IPO . The Economic Times . 2 August 2021 . 26 October 2021 . 2 November 2021 . https://web.archive.org/web/20211102131640/https://economictimes.indiatimes.com/tech/startups/policybazaar-files-drhp-with-sebi-for-rs-6000-crore-ipo/articleshow/84966425.cms . live .
  11. Web site: For PolicyBazaar, health care's the best policy. Forbes India. en. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022110928/http://www.forbesindia.com/article/big-bet/for-policybazaar-health-cares-the-best-policy/50855/1. live.
  12. News: Policybazaar, Gurgaon based start-up offers buyers an opportunity to compare and choose insurance policies . Chatterjee . Paramita . 11 July 2011 . The Economic Times . 18 July 2018 . 18 July 2018 . https://web.archive.org/web/20180718205153/https://economictimes.indiatimes.com/india-emerging/policybazaar-gurgaon-based-start-up-offers-buyers-opportunity-to-compare-and-choose-insurance-policies/articleshow/9059348.cms . live .
  13. News: India's PolicyBazaar raises $200M led by SoftBank's Vision Fund . Russell . Jon . 25 June 2018 . TechCrunch . 18 July 2018 . 18 July 2018 . https://web.archive.org/web/20180718205903/https://techcrunch.com/2018/06/25/indias-policybazaar-raises-200m-led-by-softbanks-vision-fund/ . live .
  14. Web site: Policybazaar.com Launches Mobile App for Consumers. 2015-02-05. PitchOnnet. en-US. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022110926/http://www.pitchonnet.com/blog/2015/02/05/policybazaar-com-launches-mobile-app-consumers/. live.
  15. Web site: PolicyBazaar Rejig: Sarbvir Singh Is New CEO; Cofounder Yashish Dahiya Named Group CEO. 2020-02-20. Inc42. en. 2020-02-22. 22 February 2020. https://web.archive.org/web/20200222150415/https://inc42.com/buzz/policybazaar-rejig-sarbvir-singh-replaces-cofounder-yashish-dahiya-as-ceo/amp/. live.
  16. News: Policybazaar gets insurance broking licence . 9 November 2021 . mint . 11 June 2021 . en . 9 November 2021 . https://web.archive.org/web/20211109063304/https://www.livemint.com/insurance/news/policybazaar-gets-insurance-broking-licence-11623402729722.html . live .
  17. News: Policybazaar.com forays into insurance brokerage, opens 15 retail stores . 9 November 2021 . Business Standard India . 25 June 2021 . 9 November 2021 . https://web.archive.org/web/20211109063304/https://www.business-standard.com/article/companies/policybazaar-com-forays-into-insurance-brokerage-opens-15-retail-stores-121062500605_1.html . live .
  18. http://www.policyholder.gov.in/uploads/CEDocuments/Web%20Aggregators%20Regulations%202017.pdf Indian Insurance Regulatory and Development (InsuranceWeb-) Regulations) Regulations, 2017
  19. Web site: PolicyBazaar raises $200 million in a funding round led by SoftBank, enters the unicorn club. www.businesstoday.in. 26 June 2018. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022110929/https://www.businesstoday.in/current/corporate/policybazaar-raises-usd-200-million-funding-round-led-softbank-enters-unicorn-club/story/279552.html. live.
  20. News: Policybazaar raises $5 million from Inventus Capital, Info Edge and Intel Capital. Gooptu. Biswarup. 2013-04-08. The Economic Times. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022111250/https://economictimes.indiatimes.com/industry/banking/finance/policybazaar-raises-5-million-from-inventus-capital-info-edge-and-intel-capital/articleshow/19441695.cms. live.
  21. Web site: Policybazaar raises $5 mn from Inventus Capital, others. www.businesstoday.in. 8 April 2013. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022111936/https://www.businesstoday.in/current/corporate/policybazaar-raises-$5-mn-from-inventus-capital-others/story/193906.html. live.
  22. News: Policybazaar raises $5 million from Inventus Capital, Info Edge and Intel Capital. Gooptu. Biswarup. 2013-04-08. The Economic Times. 2019-10-22. 29 October 2019. https://web.archive.org/web/20191029111624/https://economictimes.indiatimes.com/industry/banking/finance/policybazaar-raises-5-million-from-inventus-capital-info-edge-and-intel-capital/articleshow/19441695.cms?from=mdr. live.
  23. Web site: Tiger Global invests $20M in Series C in online insurance policy aggregator PolicyBazaar. 2014-05-26. Techcircle. en-US. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022111941/https://www.techcircle.in/2014/05/26/online-insurance-policy-aggregator-policybazaar-raises-20m-more-valued-around-100m. live.
  24. Web site: PolicyBazaar raises around $40M in Series D round led by PremjiInvest. 2015-04-14. VCCircle. en-US. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022111937/https://www.vccircle.com/policybazaar-raises-around-40m-series-d-round-led-premjiinvest. live.
  25. Web site: PolicyBazaar Gets $40 Mn In Series D From PremJiInvest, Steadview, ABG Capital & Existing Investors. vishalsingh1691. 2015-04-15. Inc42 Media. en-US. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022111943/https://inc42.com/buzz/policybazaar-gets-40-mn-in-series-d-from-premjiinvest-steadview-abg-capital-existing-investors/. live.
  26. Web site: Policybazaar raises $77 mn in Series E funding. 2017-10-13. VCCircle. en-US. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022111940/https://www.vccircle.com/policybazaar-raises-77-mn-in-series-e-funding. live.
  27. News: PolicyBazaar raises over $22238 million in SoftBank-led round. Gooptu. Biswarup. 2018-06-26. The Economic Times. 2019-10-22. 13 May 2021. https://web.archive.org/web/20210513141309/https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/indias-policybazaar-raises-over-200-mln-in-softbank-led-round/articleshow/64734167.cms. live.
  28. News: Jul 4 . Madhav Chanchani / TNN / Updated . SoftBank buys more stake in PolicyBazaar in $130 million deal . The Times of India . 4 July 2020 . 26 October 2021 . en . 26 October 2021 . https://web.archive.org/web/20211026195136/https://timesofindia.indiatimes.com/business/india-business/softbank-buys-more-stake-in-policybazaar-in-130m-deal/articleshow/76776972.cms . live .
  29. Web site: Sonavane . Ravindra N. . Policybazaar IPO launch date announced: Price band, other details here . mint . 26 October 2021 . en . 26 October 2021 . 26 October 2021 . https://web.archive.org/web/20211026171306/https://www.livemint.com/companies/news/policybazaar-ipo-launch-date-announced-11635257212573.html . live .
  30. Web site: Policybazaar Shares To Debut On Bourses On November 15 . NDTV.com . 14 November 2021 . 15 November 2021 . 15 November 2021 . https://web.archive.org/web/20211115045005/https://www.ndtv.com/business/policybazaar-shares-to-debut-on-bourses-on-november-15-2610605 . live .
  31. News: PolicyBazaar parent's IPO to open on November 1 . The Economic Times . 26 October 2021 . 26 October 2021 . https://web.archive.org/web/20211026181442/https://economictimes.indiatimes.com/tech/startups/policybazaar-parents-ipo-to-open-on-november-1/articleshow/87285364.cms . live .
  32. Web site: Policybazaar IPO To Open On November 1, Price Band Set At Rs 940-Rs 980 A Share . Moneycontrol . 26 October 2021 . 26 October 2021 . en . 26 October 2021 . https://web.archive.org/web/20211026153309/https://www.moneycontrol.com/news/business/ipo/policybazaar-ipo-to-open-on-november-1-7631891.html . live .
  33. Web site: Portfolio. Chiratae Ventures. en-US. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022120722/https://www.chiratae.com/portfolio/. live.
  34. Web site: Inventus Capital India Early-Stage Venture Capital Firm Inventus Capital India Early-Stage Venture Capital. 2018-06-12. en-US. 2019-10-22.
  35. Web site: Ribbit Capital. 2015-10-05. Ribbit Capital. en-US. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022120717/https://ribbitcap.com/our-bets/. live.
  36. Web site: True North, IDG Ventures may pump $20 mn into PolicyBazaar. 2017-09-04. VCCircle. en-US. 2019-10-22. 22 October 2019. https://web.archive.org/web/20191022120719/https://www.vccircle.com/true-north-idg-ventures-may-pump-20-mn-into-policybazaar. live.
  37. Web site: 2017-10-13. Wellington Management Backs Online Insurance Aggregator PolicyBazaar. 2021-03-07. Inc42 Media. en-US. 15 April 2021. https://web.archive.org/web/20210415103408/https://inc42.com/buzz/policybazaar-online-insurance-wellington/. live.
  38. Web site: 2019-06-05 . Court Slaps INR 10 Lakh Fine On PolicyBazaar In Trademark Infringement Case Against Acko . live . https://web.archive.org/web/20191023070126/https://inc42.com/buzz/court-slaps-inr-10-lakh-fine-on-policybazaar-in-trademark-infringement-case-against-acko/ . 23 October 2019 . 2019-10-23 . Inc42 Media . en-US.
  39. News: 2019-06-04 . HC imposes Rs 10 lakh cost on Policybazaar for concealing facts to obtain interim order . live . https://web.archive.org/web/20190927154150/https://economictimes.indiatimes.com/industry/banking/finance/insure/hc-imposes-rs-10-lakh-cost-on-policybazaar-for-concealing-facts-to-obtain-interim-order/articleshow/69651079.cms . 27 September 2019 . 2019-10-23 . The Economic Times.
  40. News: Policybazaar fined R.s. 24 lakh for flouting IRDAI's SMS ad rules . live . https://web.archive.org/web/20210520145006/https://economictimes.indiatimes.com/tech/startups/policybazaar-fined-rs-24-lakh-for-flouting-irdais-sms-ad-rules/articleshow/82802221.cms . 20 May 2021 . 20 May 2021 . The Economic Times . 20 May 2021 . Rahul Awasthi.
  41. Web site: Livemint . 2022-07-25 . Policybazaar says its IT systems were breached, authorities informed . 2024-03-02 . mint . en.
  42. Web site: Policybazaar — a major Indian insurance aggregator funded by a Chinese company — exposed sensitive and confidential personal, health, and financial data of around 56.4 million of its customers including defense personnels . 2024-03-02 . www.cyberx9.com.
  43. Web site: Mathi . Sarvesh . 2023-12-14 . Policybazaar sends defamation notice to Beshak.org . 2024-01-08 . MediaNama . en-US.
  44. Web site: IAMAI announces winners of 5th India Digital Awards. www.bestmediaifo.com. 16 January 2015. 2019-10-23. 23 October 2019. https://web.archive.org/web/20191023065426/https://bestmediainfo.com/2015/01/iamai-announces-winners-of-5th-india-digital-awards/. live.
  45. Web site: GSF Announces "Mobile Appies" Awards, Platform For Recognizing Best Mobile Apps. 2015-02-12. Inc42 Media. en-US. 2019-10-23. 23 October 2019. https://web.archive.org/web/20191023065436/https://inc42.com/buzz/gsf-announces-mobile-appies-awards-platform-recognizing-best-mobile-apps/. live.
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