New Delhi: Policybazaar.com, a platform that helps consumers compare and analyse insurance products, has set its eyes on Rs 2,000 crore turnover by the end of the current fiscal and is also gearing up to be IPO-ready by October.
"With the financials auguring well, we plan to go more aggressive in marketing and technology in this financial year. We are now targeting Rs 2,000 crore insurance premium (turnover) in this financial year. The company intends to get IPO ready by October 2017," Policybazaar.Com CEO and co-founder Yashish Dahiya told PTI.
He further said: "However, that does not imply we will necessarily do an IPO. Being IPO ready implies financial, statutory, and regulatory preparedness."
The company reported a turnover of Rs 1,000 crore during the fiscal ended March 2017. Dahiya said the company has crossed Rs 10 crore a day premium mark, becoming the first player in the country to achieve this milestone in online insurance sales. PolicyBazaar.com, which saw break-even in November last year, is looking at raising Rs 330 crore (USD 50 million).
"The company is currently in the advanced stage of discussions to raise a funding worth Rs 330 crore," Dahiya said.
PolicyBazaar.com has backing of high-profile investors including InfoEdge (Naukri.com), Inventus Capital, Tiger Global Management, Steadview Capital, Premji Invest, Temasek and Ribbit Capital.
The company has raised so far Rs 500 crore from its existing investors and is valued at Rs 2,500 crore. The portal, which was launched eight years back, controls more than 90 per cent of the online insurance comparison market in India.
