- PolicyBazaar is all set to go public by launching its IPO in 2021.
- PolicyBazaar counts SoftBank, Tencent Holdings, and Tiger Global Management among its investors.
- The startup is planning to raise around 250$ Million at a valuation worth of 3.5$ Billion.
- PolicyBazaar has raised $364 Million to date from investors such as InfoEdge, SoftBank, Tiger Global, Temasek, etc.
- PolicyBazaar continued to invest heavily in marketing and promotional activities after recording an increase of 216% growth in FY18.
Softbank backed digital insurance aggregator startup PolicyBazaar is now all set to release its IPO in mid-2021. The founder Yashish Dahiya told Bloomberg that the PolicyBazaar is planning to raise around 250$ Million with a valuation of 3.5$ Billion.
If this happens PolicyBazaar will be the first Indian Unicorn digital startup to make a debut on the stock market.
Earlier this month Japanese Softbank financial company that holds most of the stakes in well-known tech startups under Vision Fund including; (PolicyBazaar, Paytm, Ola, Snapdeal, Hike, etc) purchased an additional stake on PolicyBazaar parent company EtechAces worth 140$ Million.
Company founder Yashish Dahiya is also looking for dual listing if everything goes perfect with the Indian stock listings policy. Because Indian stock listing policy for financial companies isn't that much friendly compared to the US and Singapore listing policy.
Although, they got profitable in the financial year 2017. But after the sudden change in market behavior, they reported a 9.42 crore loss in the financial year 2018. All the same, 2019 was also not good for PolicyBazaar as its losses shoot up to 213 crores; more than 22.6X compared to the previous financial year 2018.
Furthermore, Company founder Yashish Dahiya said:
“We have a global interest and will raise in the coming weeks,” Dahiya said from London, where he is currently based"
Currently, SoftBank and Singaporean state investment firm Temasek Holdings Pte each of them hold about a 15% stake in the startup, while Tencent and Tiger Global have about 10 and 8%, respectively.
PolicysBazaar is among the best fintech startup who is seeking to grow and expand across the whole country; helping the middle man by giving them health, auto, travel, life insurance.
“The rest of them have ‘a’ plan,” said Dahiya. In recent years, the government-funded program has covered half a billion of India’s underprivileged. “But middle man has no support at all.” From the government-funded program and we will give them.
Dahiya said: Back in 2008, Insurance customers facing so many problems, lack of knowledge, lack of guidance, support, and transparency but now it has been completely changed and we are proud to be a part of this change.
After helping millions of people and insurance customers by providing them policies and becoming again profitable they are all set to launch IPO in the mid-2021.