After the online matchmaking site BharatMatrimony launching its IPO in the domestic internet market, it’s the turn of online insurance aggregator PolicyBazaar to go public. The company is eyeing over $1.5 billion through its IPO, reports the Times of India citing unidentified sources. Amid the digital financial sector is already riding a bull wave this year, PolicyBazaar recorded Rs 1,800 crore in premium this year. Policybazaar.com, a platform that helps consumers compare and analyse insurance products expects to ring in Rs 35 crore in profits by 2018, aiding its prospects to successfully go public. Policybazaar.com has set its eyes on Rs 2,000 crore turnover by the end of the current fiscal.
The online financial services firm is looking to diversify PaisaBazaar from being a lending platform that facilitates personal loans, credit cards, and loans against property, to selling mutual funds and healthcare services.
PolicyBazaar.com has the 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 percent of the online insurance comparison market in India.
“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 had told PTI in April earlier this year. However, Dahiya back then didn’t compulsorily imply that the company is expecting an IPO by the year-end citing the reason that an IPO ready implies financial, statutory, and regulatory preparedness.
Online matchmaking site BharatMatrimony was the most recent IPO in the domestic internet sector. MakeMyTrip, Info Edge and Just Dial have been the largest internet IPOs out of India.