PolicyBazaar Revenue, Valuation, Funding & Investors
PolicyBazaar is valued at $2.4B as of March 2021, a 64.9x multiple on its last reported $37M revenue.
Last PolicyBazaar valuation
$2.4B
Undisclosed stage · Mar 2021
Last PolicyBazaar funding round
$75M
Undisclosed stage · Mar 2021
PolicyBazaar revenue
$37M
Undisclosed stage · Mar 2021
Key investors in PolicyBazaar
SoftBank Group
Tiger Global
Intel Capital
Temasek
Premji Invest
Info Edge
About PolicyBazaar
PolicyBazaar is an online insurance aggregator operating in India with a comparison portal and mobile app covering term life, health, motor, and travel policies from insurers such as HDFC Life and ICICI Lombard. The Noida-headquartered platform, founded in 2008, lists over 100 products and extends services to credit cards and loans through PB Partners. It holds a dominant market share in online insurance distribution across the country.
Founded
2008
HQ
GurgaonWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Revenue
$37M (Mar 2021)
Valuation
$2.4B (Mar 2021)
PolicyBazaar Valuation
PolicyBazaar is currently valued at $2.4B, based on its undisclosed-stage round in March 2021.
The $75M round was led by Alpha Wave Global.
PolicyBazaar's valuation has grown 20x from $120M at its Series C in May 2014 to $2.4B in March 2021, across 10 priced rounds.
PolicyBazaar valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2021 | Undisclosed stage | $2.4B | 64.9x |
| Mar 2021 | Secondary | $2.4B | 17.8x |
| Nov 2020 | Secondary | $2B | 10.6x |
| Jul 2020 | Secondary | $1.5B | - |
| Jul 2020 | Series H | $1.5B | 27.8x |
| Nov 2019 | Series G | $1.5B | - |
| May 2018 | Series F | $1B | 26.3x |
| Oct 2017 | Series E | $500M | 21.7x |
| Apr 2015 | Series D | $128M | 7.5x |
| May 2014 | Series C | $120M | 3.6x |
PolicyBazaar Revenue
PolicyBazaar's latest recorded revenue is $37M, as of its undisclosed-stage round in March 2021. At a $2.4B valuation, that implies a 64.9x revenue multiple.
Revenue grew from $33M in May 2014 to $37M in March 2021, while the revenue multiple moved from 3.6x to 64.9x.
PolicyBazaar revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2021 | $37M | $2.4B | 64.9x | Undisclosed stage |
| Mar 2021 | $135M | $2.4B | 17.8x | Secondary |
| Nov 2020 | $189M | $2B | 10.6x | Secondary |
| Jul 2020 | $54M | $1.5B | 27.8x | Series H |
| May 2018 | $38M | $1B | 26.3x | Series F |
| Oct 2017 | $23M | $500M | 21.7x | Series E |
| Apr 2015 | $17M | $128M | 7.5x | Series D |
| May 2014 | $33M | $120M | 3.6x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
PolicyBazaar Funding History
PolicyBazaar has raised a total of $622M across 9 funding rounds, plus 3 secondary share sales.
PolicyBazaar's first fundraising round was a $5M Series A in March 2013. The most recent completed round was a $75M undisclosed-stage round in March 2021.
PolicyBazaar funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2021 | Undisclosed stage | Alpha Wave Global (lead) | $75M | $2.4B | PolicyBazaar, operating under parent ETechAces Marketing and Consulting, is an Indian online insurance marketplace founded in 2008 that allows users to compare and purchase insurance policies from providers. It also runs sister platform PaisaBazaar for banking products like loans and credit cards. The company raised $75 million in a private equity round in March 2021 led by Alpha Wave Global (also referred to as Falcon Edge Capital or Alpha Wave Incubation), bringing total funding to around $630-634 million across multiple rounds from investors including SoftBank, Info Edge, Intel, and Tencent. The March 2021 round was a mix of primary and secondary capital aimed at supporting expansion into the Middle East, particularly the UAE via PolicyBazaar UAE, with ambitions to scale five-fold in the coming financial year. Sources indicate prior valuation around $1.5 billion, with plans to raise at over $2 billion in ongoing fundraising, aligning with pre-IPO preparations targeting a public listing in late 2021. PolicyBazaar was positioning for an IPO, with reports of targeting $3.5-4 billion valuations later in 2021, though it ultimately went public on November 15, 2021. The funding supported market leadership in online insurance aggregation in India and replication of its efficient sales channel model in the GCC region. |
| Mar 2021 | Secondary | Bay Capital; True North; White Oak Global Advisors; Cyrus Poonawalla Group | $45M | $2.4B | PolicyBazaar is an online insurance aggregator that allows users to compare and purchase multiple types of insurance policies, including life, health, auto, and investment-linked insurance products. The company claims to process one million transactions per month across these product categories. In March 2021, PolicyBazaar executed a secondary share sale transaction worth $45 million in which private equity firm True North and several angel and individual investors sold stakes to new investors including Bay Capital, Cyrus Poonawalla Group, IIFL Wealth, and White Oak Global Advisors. The transaction valued the company at $2.4 billion, according to multiple sources. This represented PolicyBazaar's second secondary transaction in three months, as the company prepared for a planned initial public offering. Ahead of the IPO, PolicyBazaar was projecting revenues of approximately $135 million for the fiscal year ending March 2021. The company had achieved profitability in 2017 but had returned to losses in 2018–2020; however, management expected the company to return to profitability in fiscal 2021 due to increased demand for insurance products during the COVID-19 pandemic. The March 2021 transaction preceded PolicyBazaar's broader capital raising strategy, with the company planning to go public at a significantly higher valuation of $3.5 billion. Investment banks including Kotak Mahindra Capital, ICICI Securities, Morgan Stanley, and Citigroup Capital Markets were competing for the IPO mandate. |
| Nov 2020 | Secondary | True North (lead) | $20M | $2B | PolicyBazaar is an online insurance aggregator that enables users to compare and purchase insurance policies. In November 2020, True North sold a stake worth $20 million to Alpha Wave Incubation in a secondary transaction that valued the company at $2 billion. Prior to the sale, True North held a total 5.79% stake through its two funds. This secondary deal followed earlier funding, including SoftBank Vision Fund's purchase of stakes from investors like Tiger Global, Ribbit Capital, and Inventus Capital. Tencent had acquired a 10% stake from Tiger Global for $150 million at a $1.5 billion valuation in November 2019. PolicyBazaar had also raised funds in Series F with SoftBank, Info Edge, and True North. The transaction provided liquidity to existing shareholders amid plans for an IPO, with the company later executing another $45 million secondary sale at $2.4 billion valuation. |
| Jul 2020 | Secondary | SoftBank Group (lead); Nimesh Kampani | $80M | $1.5B | PolicyBazaar is an Indian digital insurance marketplace and financial services platform that aggregates insurance products and operates a lending marketplace called PaisaBazaar.com. The company was founded in 2008 and has become a leading online insurance portal in India. In July 2020, SoftBank Vision Fund invested an additional $130 million in PolicyBazaar's parent company, EtechAces Marketing and Consulting. The investment comprised approximately $50 million in primary capital infusion and $80 million in secondary share purchases from existing investors including Tiger Global Management, Ribbit Capital, and Inventus Capital India. This transaction valued the company at approximately $1.5 billion and gave SoftBank an over 15% stake, bringing SoftBank's total investment in the company to around $200 million following its $200 million Series F investment in June 2018. PolicyBazaar had demonstrated significant market traction prior to this investment. The company reported processing 100 million website visitors annually with transaction volumes approaching 300,000 per month. PolicyBazaar claimed to facilitate over 20% of life insurance coverage purchases and 7% of retail health insurance coverage in India. The company had previously set a target of reaching 10 million transacting customers by 2020 with anticipated compound annual growth rate of 80%. |
| Jul 2020 | Series H | SoftBank Group (lead) | $50M | $1.5B | PolicyBazaar, operating under EtechAces Marketing and Consulting, is an online financial services platform offering insurance comparison and purchase through PolicyBazaar and lending products via PaisaBazaar. In July 2020, SoftBank Vision Fund invested $130 million, comprising a $50 million primary infusion and $80 million secondary share purchase from investors like Tiger Global, Ribbit Capital, and Inventus Capital India. This transaction valued the company at approximately $1.5 billion, granting SoftBank over a 15% stake and bringing its total investment to about $200 million since its prior $1 billion valuation round in 2018. The deal aligned with policy changes allowing 100% FDI in insurance intermediaries and reflected SoftBank's confidence in PolicyBazaar's growth amid Covid-19 challenges. Sources note the primary portion matched an earlier-agreed $50 million, with secondary shares bought at a premium. PolicyBazaar had raised prior rounds including $200 million from SoftBank in 2018 and $152 million Series F. Post-round, it eyed further funding, reportedly seeking $250 million at $2 billion valuation and planning a $500 million IPO. |
| Nov 2019 | Series G | Tencent (lead); SoftBank Group | $150M | $1.5B | PolicyBazaar, operated by ETechAces Marketing and Consulting Private Limited, is an Indian online insurance aggregator platform that raised approximately $150 million in a secondary transaction in November 2019 from Tencent, which acquired about 10% stake from existing investor Tiger Global. Sources confirmed the deal valued the company at a little more than $1.5 billion post-transaction. The funding was aimed at expanding into new financial services segments, including B2B and B2C businesses, and supporting growth in existing verticals like its recent Zphin brand for technology solutions to financial firms. This round followed a larger $238 million primary raise in June 2018 led by SoftBank Vision Fund and Info Edge, which had elevated PolicyBazaar to unicorn status, and a $50 million internal funding from its parent shortly after. Tiger Global retained a small stake after the partial sale. Info Edge, holding about 19%, planned to maintain its position. Tencent's entry marked its foray into India's insurance market via this stake purchase. The company continued raising funds post-2019, including SoftBank-led rounds in 2020, amid ongoing expansion in health tech like Docprime and overall operations. |
| May 2018 | Series F | SoftBank Group (lead); Temasek; Startup Holding; Info Edge | $200M | $1B | ETechAces Marketing & Consulting Pvt. Ltd, operator of PolicyBazaar.com (a digital insurance marketplace) and PaisaBazaar.com (a lending marketplace), raised $200 million in its Series F round led by SoftBank Vision Fund in June 2018. The round included participation from existing investors Info Edge (parent of Naukri.com), Temasek, Tiger Global Management, True North, and PremjiInvest, bringing the company to a $1 billion valuation and unicorn status. According to an Info Edge regulatory filing, SoftBank and Info Edge each invested approximately $45 million for a combined 8.93% stake, which confirmed the $1 billion post-money valuation. This round came approximately eight months after PolicyBazaar's Series E in October 2017, which raised $77 million at a $500 million valuation. For the financial year ending March 2018, PolicyBazaar reported Rs 358.27 crore in revenue, showing growth from Rs 212.87 crore in FY 2016-17 and Rs 109.54 crore in the prior year. The company processed approximately 100 million website visitors annually and recorded transaction volumes approaching 300,000 per month, claiming to process over 20 percent of India's life insurance coverage and seven percent of the country's retail health coverage. PolicyBazaar targeted 10 million transacting customers by 2020 with an expected compound annual growth rate of 80 percent. |
| Oct 2017 | Series E | Wellington Management (lead); Temasek; Premji Invest; Tiger Global; True Northland; Chiratae Ventures | $77M | $500M | PolicyBazaar, operated by eTechAces Marketing and Consulting (now PB Fintech), is India's leading online insurance aggregator, offering comparisons and sales of life, health, motor, travel, and home insurance policies, with a sister site PaisaBazaar for loans and credit cards. In October 2017, it raised approximately $75-77 million (Rs 500 crore) in a Series E funding round led by Wellington Management, with participation from new investors True North and IDG Ventures India, and existing backers including Temasek Holdings, Premji Invest, and Tiger Global Management. The post-money valuation was reported at $500 million. The funding was earmarked for geographical expansion, technology enhancements for better customer experience, product innovation including specialized insurance like term life and health products, and growth in the PaisaBazaar vertical, with plans to add mutual funds. At the time, PolicyBazaar hosted 45-60 million annual visitors, processed around 100,000-125,000 transactions monthly, and held significant market share: about 20% of India's life insurance covers and 7% of retail health business, with nearly 70% overall market share per early investor estimates. Financially, for FY2016-17 (ending March 2017, LTM near the October round), revenues reached Rs 212.87 crore, up 94.3% from Rs 109.5 crore in FY2015-16; the company broke even operationally that year and projected Rs 370-400 crore for FY2017-18 while aiming to underwrite Rs 1,800 crore in premiums. It had raised prior funds from investors like InfoEdge, Inventus Capital, Steadview, Ribbit Capital, and others, totaling around $154 million before this round. |
| Apr 2015 | Series D | Premji Invest (lead); Steadview Capital; ABG Capital; Tiger Global | $40M | $128M | PolicyBazaar, operated by Gurgaon-based eTechAces Marketing and Consulting Pvt Ltd, is an online insurance aggregator founded in 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar. The platform enables users to compare insurance policies from major Indian insurers and purchase both life and non-life insurance products online, serving over 5 million customers by 2015. The company had expanded its offerings through PaisaBazaar.com, a financial services aggregator featuring loans, credit cards, mutual funds, and exchange-traded funds. In April 2015, PolicyBazaar completed its Series D round, raising $40 million (Rs 248 crore) at a post-money valuation of Rs 1,200 crore. PremjiInvest, the personal investment vehicle of Wipro chairman Azim Premji, led the round alongside participation from existing investors Tiger Global and Ribbit Capital, plus new investors Steadview Capital and ABG Capital. The proceeds were allocated toward technology upgrades, marketing expansion, and development of the PaisaBazaar.com platform to broaden the company's financial services offerings beyond insurance. Historically, PolicyBazaar had raised $20 million in Series C (May 2014), $5 million in Series B led by Inventus Capital Partners, $4.6 million in Series A, and undisclosed seed funding in May 2011. By 2015, the company employed over 1,500 people. Later financial disclosures show the company eventually turned profitable, reporting a profit after tax of Rs 64 crore in FY24 (year ending March 2024) and Rs 353 crore in FY25 with total revenues of Rs 5,385 crore in FY25, demonstrating significant growth and operational maturity achieved after the 2015 Series D round. |
| May 2014 | Series C | Tiger Global (lead) | $20M | $120M | PolicyBazaar, operated by Gurgaon-based eTechAces Marketing and Consulting Pvt Ltd, is an online insurance policy aggregator that enables users to compare and purchase insurance products. In its Series C funding round on May 26, 2014, the company raised $20 million (Rs 119 crore), primarily from Tiger Global Management, with the round valuing the company at around a $100 million post-money valuation. This brought PolicyBazaar's total funding to approximately $30 million at that point, following prior rounds including $9.6 million in 2013 from Inventus Capital Partners, Info Edge, and Intel Capital, plus seed funding in 2011. The Series C investment was aimed at strengthening technology infrastructure and enhancing brand awareness to educate customers on comparing insurance products via PolicyBazaar.com. Info Edge, an early backer, saw its stake dilute from 32% to around 23% due to the new funding and ESOP pool expansion, supporting the $100 million post-money valuation estimate through back-of-the-envelope calculations based on the 10% equity dilution. This round positioned PolicyBazaar for growth in India's online insurance aggregation market, leading to subsequent expansions like the Series D $40 million raise in April 2015 led by PremjiInvest with Tiger Global participation, funding further tech upgrades, marketing, and launch of PaisaBazaar.com for broader financial services including loans, credit cards, and investments. |
| Apr 2013 | Series B | Athera Venture Partners (lead); Intel Capital; Info Edge | $5M | - | - |
| Mar 2013 | Series A | Inventus Capital Partners; Intel Capital | $5M | - | - |
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Who has invested in PolicyBazaar?
21 investors have backed PolicyBazaar across its funding rounds, including SoftBank Group, Tiger Global, Intel Capital, Temasek, Premji Invest and Info Edge.
Lead investors include Alpha Wave Global, True North, SoftBank Group, Tencent, Wellington Management and 3 other investors.
PolicyBazaar Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Tokyo | 4 | Lead | May 2018 | |
 New York City, NY | 3 | Lead | May 2014 | |
 Singapore | 2 | Participant | Oct 2017 | |
| India | 2 | Lead | Nov 2020 | |
| Bangalore | 2 | Lead | Apr 2015 | |
| Santa Clara, CA | 2 | Participant | Mar 2013 | |
| Noida | 2 | Participant | Apr 2013 | |
| Boston, MA | 1 | Lead | Oct 2017 | |
| Mumbai | 1 | Participant | Mar 2021 | |
| Bangalore | 1 | Lead | Apr 2013 | |
 Shenzhen | 1 | Lead | Nov 2019 | |
 London | 1 | Participant | Apr 2015 | |
 Riga | 1 | Participant | May 2018 | |
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Start Free TrialInvestments by PolicyBazaar
PolicyBazaar has invested in 1 company to date.
Latest investment by PolicyBazaar was on September 17th 2018. PolicyBazaar invested in DocPrime in their $50M Undisclosed stage round.
Latest Investments by PolicyBazaar
| Description | DocPrime is a telemedicine platform under the PolicyBazaar Group, offering free instant consultations with specialist doctors across India. Headquartered in Gurgaon, it connects patients to physicians in fields like cardiology, dermatology, and gynecology via real-time video or chat. The service integrates with PolicyBazaar.com and PaisaBazaar.com for seamless health insurance and financing. DocPrime emphasizes affordable access through in-house medical teams experienced in chronic disease management and preventive care. |
| HQ Country | |
| HQ City | Haryana |
| Deal Date | 17 Sep 2018 |
| Round | Undisclosed stage |
| Raised | $50M |
| Investors | - |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all PolicyBazaar investments and their VC round multiples. Start Free Trial | |
PolicyBazaar Competitors
PolicyBazaar competitors include listed companies like Mony Group, EverQuote, Alma Media and Ziff Davis, and private ones like OPay and Avant.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United Kingdom | Publicly listed | $599M | $184M | $1.3B | 2.3x | |
| United States | Publicly listed | $693M | $62M | $806M | 0.8x | |
 Finland | Publicly listed | $377M | $110M | $1.3B | 3.7x | |
 Lagos | Private | $38M | - | $2.8B | 73.7x | |
| United States | Publicly listed | $1.5B | $335M | $2B | 1.0x | |
| Chicago, IL | Private | - | - | $2B | - |
PolicyBazaar Public Comps
PolicyBazaar is still privately-owned, but its public comps include Autohome, Urban Company, Stubhub, Visional, TX Group, People, Ziff Davis, Lime, TBO.com and Goto Gojek Tokopedia.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $962M | $171M | 0.0x | 0.0x | 0.0x | 0.0x | |||
| $162M | ($26M) | 14.4x | 12.3x | (90.6x) | (72.0x) | |||
| $1.7B | ($1.4B) | 1.4x | 1.3x | (1.7x) | 6.7x | |||
| $515M | $157M | 3.3x | 2.6x | 10.8x | 9.3x | |||
| $1.1B | $310M | 2.1x | 2.1x | 7.2x | 8.1x | |||
| $2.4B | $122M | 1.3x | 1.6x | 25.4x | 11.3x | |||
| $1.5B | $335M | 0.9x | 1.0x | 3.8x | 3.3x | |||
| $887M | $87M | 2.2x | - | 22.2x | - | |||
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Common questions about PolicyBazaar
| When was PolicyBazaar founded? | PolicyBazaar was founded in 2008. |
| Where is PolicyBazaar headquartered? | PolicyBazaar is headquartered in Gurgaon, India. |
| Is PolicyBazaar publicly listed? | No, PolicyBazaar is a private, VC-backed company. |
| What is PolicyBazaar's valuation? | PolicyBazaar was last valued at $2.4B in its undisclosed-stage round in March 2021. |
| How much funding has PolicyBazaar raised? | PolicyBazaar has raised $622M across 9 funding rounds. |
| What was PolicyBazaar's last funding round? | PolicyBazaar's last funding round was a $75M undisclosed-stage round in March 2021, led by Alpha Wave Global. |
| Who are PolicyBazaar's investors? | PolicyBazaar's investors include SoftBank Group, Tiger Global, Temasek, True North, Premji Invest, Intel Capital, Info Edge, Wellington Management, Bay Capital, Athera Venture Partners and 11 others. |
| What is PolicyBazaar's revenue? | PolicyBazaar's latest recorded revenue is $37M (March 2021). |
| What is PolicyBazaar's revenue multiple? | PolicyBazaar's latest valuation implies a 64.9x revenue multiple ($2.4B valuation on $37M of revenue). |
| Which companies are comparable to PolicyBazaar? | Companies comparable to PolicyBazaar include Mony Group, EverQuote, Alma Media, OPay, Ziff Davis and Avant. |
| How many companies has PolicyBazaar invested in? | PolicyBazaar has invested in 1 company, including DocPrime. |
| What was PolicyBazaar's last investment? | In September 2018, PolicyBazaar invested in DocPrime's $50M undisclosed-stage round. |
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