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RATING

RECOMMENDATION

Buy

Business Type

Fairly Valued

  • unlisted stock logo
    Policybazaar Unlisted Shares Essentials

Discover and get a complete analysis on Policybazaar unlisted shares - Management, Business Model, Financials, Growth, Valuations, Funding Rounds, News and get latest updates on Policybazaar Share Price.

ISIN

INE417T01026

Face Value

₹2.00

Total Share

41,12,34,500

Total Income

₹957.41 Cr

Profit After Tax

-₹150.24 Cr

EPS

-₹2,056.23

P/E

-1.05

P/B

1.32

Market Capitalisation

₹88,415.42 Cr

Book Value

₹1,628.79 Cr

Intrinsic Value

₹1,259.00

Sector

Financials

Sub-sector

Insurance

Category

Pre IPO

Cashflow - Operations

₹28.71 Cr

Cashflow - Financing

₹758.81 Cr

Policybazaar Growth

Compounded Sales Growth

  • 11.90%

    1 Year

  • 34.55%

    2 Year

Pro Only

Compounded Profit Growth

  • NA

    1 Year

  • NA

    2 Year

Pro Only

Return On Equity

  • -9.22%

    1 Year

  • -34.62%

    2 Year

Pro Only

About Policybazaar

PB Fintech Limited has built India’s largest online platform for insurance and lending products leveraging the power of technology, data and innovation. They have created 2 platforms Policybazaar and Paisabazaar to cater the large and highly underpenetrated online insurance and lending markets. it was incorporated in 2008 and has its registered office in Delhi.
  • Policybazaar.com is now India’s foremost insurance aggregator and a leading fintech player globally with 93.4% market share based on policies sold till FY2020. They provide a platform to hedge the gap between insurance companies and customers by providing proper guidance, transparency and easy comparison of policies for customers
  • 65.3 % of all digital insurance sales in India by volume was transacted through Policybazaar.
  • PolicyBazaar have around 48.8 mn registered consumers and 9.6 mn transacting consumers. They have sold around 19.2 million policies from starting till now.
  • Policy Bazar has tie up with more than 45 companies.
  • Paisabazaar was India’s largest digital consumer credit marketplace with a 51.4% market share, based on disbursals in 2020. Paisabazaar is also widely used to access credit scores, with approximately 21.5 million Consumers cumulatively having accessed their credit score through our platform as of March 31, 2021.


  • Policybazaar IPO Details

According to company's future plans, Amount raised from IPO Will be used in expanding offline reach as they are planning to have around 200 outlets by the end of FY24 and a portion of the amount raised will be used for marketing initiatives in coming years.

Grey market premium (GPM) is a premium amount at which grey market IPO shares are traded before they get listed in the stock exchange. Currently grey market premium of Policybazaar is from 200-220.

Policybazaar IPO is expected to be launched in November, 2021. You can track Policybazaar Pre IPO shares on this website.

Policybazaar
Offer for Sale

₹ 2267.50 Cr

Policybazaar
Fresh Issue

₹ 3750.00 Cr

Policybazaar
Total IPO Size

Cr

Policybazaar
Grey Market Premium

₹ 230 - ₹ 240

  • Policybazaar Funding

Funded By Funding Amount Date of Investment Funding Round
Falcon Edge Capital $ 7.50 Cr 15 Mar 2021 -
Intel Capital and Inventus Capital Partners $ 0.90 Cr - Series A
Intel Capital and Info Edge $ 1.28 Cr 15 May 2011 Venture
Info Edge ₹ 0.69 Cr 15 Jun 2008 Seed Fund
Inventus Capital Partners along with Info Edge and Intel Capital. $ 0.50 Cr 15 Apr 2013 Series B
Tiger Global Management and Existing investors $ 2 Cr 15 May 2014 Series C
Premji Invest, the personal investment vehicle Azim Premji, Steadview Capital and ABG Capital. 4 Cr 15 Apr 2015 Series D
True North and IDG Venture Partners $ 7.70 Cr - Series E
SoftBank and Info Edge $ 23.80 Cr 15 Oct 2018 Series F
  • Policybazaar Subsidiaries

  • Policybazaar Insurance Brokers Private Limited
  • Paisabazaar Marketing and Consulting Private Limited
  • Docprime Technologies Private Limited
  • Icall Support Services Private Limited
  • Accurex Marketing and Consulting Private Limited
  • PB Marketing and Consulting Private Limited
  • PB Fintech FZ - LLC
  • Policybazaar Revenue Segmentation

  • Paisabaazar and PB fintech
  • Policybaazar
  • Policybazaar Product & Services

  • Life Insurance
  • Health Insurance
  • Car Insurance
  • Investment Plans
  • Home Insurance
  • Travel Insurance
  • Other general insurance
  • Policybazaar Assets

PB Fintech has Total assets of worth 23.47 Cr. Total assets of the company includes Computers, Office Equipment, Furniture & Fixtures, Leasehold Improvements.

  • Policybazaar Industry Overview

Industry Statistics

  • India is the world’s 10th largest life insurance market, worth ₹ 5.7 trillion (US$ 76 billion) in FY2020 in terms of total premium. Despite being 10th largest, India’s life insurance penetration remains lower at 24.6%, compared to 265.0% in USA & 95.4% in China when measured in terms of Sum Assured as % of GDP, as of March 2020.
  • The lack of public health infrastructure, insufficient coverage of health insurance by government and expensive private healthcare facilities has brought insurance into limelight particularly during impending COVID-19 pandemic. In the future, with rising medical inflation and ~15% of the population in the next ten years, India’s health expenditure is expected to grow manifold. As a result, health insurance segment will become one of the most significant contributors to the growth of overall non-life insurance in India.
  • Rise in affordability of motor vehicles is expected drive demand for motor insurance. Rapid rise in the urban middle-class households is expected to drive demand for housing and consequently more demand for property insurance.
  • In the last few years, technology has become a focus area for all major insurers and many fintech players have emerged in the insurance space. Technological innovations are now helping insurers and fintech companies to increase productivity, improve consumer experience and cut operational costs, thereby creating value across the chain.
  • There are many emerging and established candidates in insurance aggregator sector, key competitors of PB fintech includes coverfox, turtlemint, QuickCredit, Chqbook Etc, but PB Fintech is emerging as one of the market leader among them.

Future Prospects

  • In FY2020, India had a ₹ 7.6 trillion (US$ 102 billion) insurance industry, measured in terms of Total Premium. This industry is expected to grow at a 17.8% CAGR to reach ₹ 39.0 trillion (US$ 520 billion) by FY2030, with life, health and other non-life insurance growing at 18.8%, 15.3% and 13.5% CAGR respectively, as per Frost & Sullivan, driven by favorable macro indicators, rising awareness towards financial products and services, digitization and favorable government policies and regulatory push.
  • The non-life insurance market in India is expected to grow at 14.3% p.a. to reach ₹ 7.1 trillion size in FY30, driven by a burgeoning middle-class, rising awareness about insurance protection, innovative products, growth in associated industries, and favorable regulatory landscape.
  • With consistent growth of disposable income in recent years, Indian households tend to diversify their consumption and purchase more financial products and insurance products. Risk awareness regarding the need for protection for any contingency are improving in India due to increasing financial literacy, urbanization and advance education system.

Government Initiatives

  • In the last 5 years, the government has consistently supported the digitalization of services including insurance and loan services in India, resulting in the world’s leading public digital infrastructure based on Aadhaar and UPI.
  • Additionally, in 2021, IRDAI directed life insurers to standardize term insurance through Saral Jeevan Bima. This is expected to make it easy and convenient for the consumers to compare and buy term insurance plans.
  • Furthermore, income tax benefits under the exempt, exempt, exempt (EEE) method of taxation available in section 10(10D) and 80C of the Indian Income Tax Act, 1960 are also expected to encourage middle-class consumers to invest in life insurance policies. 

Policybazaar Awards & Achievements

  • 2021 - ‘Communications Team of the year’ award at the Kaleido Awards
  • 2021 - ‘Best Insurtech of the year’ award at the Business Leader of the Year awards presented by World Leadership Congress and Awards
  • 2021 - Digital Lending Award at the Fintech India Innovation Awards
  • 2021 - Payment and Fintech Award for Excellence in Consumer Lending at the India Digital Awards, organized by the Internet and Mobile Association of India
  • 2021- Outstanding Crisis Finance Innovation 2021 (Asia Pacific) Award by Global Finance Magazine
  • 2020 - ‘FE Best Banks’ award in the Fintech category by Financial Express
  • 2019 - ‘Most Innovative Lending Startup’ by India Fintech Forum
  • 2019 - ‘Insurtech of the Year’ award at the 23rd Asia Insurance Industry Awards
  • 2019 - Mr. Yashish Dahiya  CEO of the company was awarded the ‘EY Entrepreneur of the Year’ by Ernst and Young Global Limited
  • 2018 - ‘Best Fintech Marketing Campaign’ award by the ‘India Fintech Forum’ at the India FinTech Awards (IFTA) 2018
  • 2018 - ‘Ecomonic Times Best Brands - Insuretech’ award by Economic Times
  • 2018 - Economic Times’ Most Promising Brand
  • 2018 - ‘Best Fintech Startup 2018’ at the Drivers of Digital Awards
  • 2017 - ‘Best Customer Experience Innovation in Fintech’ by Moneytech Awards
  • 2017 - ‘Startup of the Year’ by Moneytech Awards
  • 2017 -‘Best Digital Platform for Credit Cards’ at the Economic Times cards and Payment Summit Received by Naveen Kukreja, CEO, Paisabazaar on behalf of Paisabazaar

Policybazaar Strengths

  • Company has huge organic sales due to strong brand image in the market
  • Company efficiently saves the customer's data to provide personalized feedbacks and options based on choices.
  • They benefit from powerful network effects at scale as a result of their positioning as a trusted and default search engine for insurance and personal credit products in India.
  • They provide technology based solutions eg. Video inspection of motor vehicles after getting damaged. All refunds document verifications can be done directly through Policybazaar.
  • They provide services in very cost effective manner due to huge client base and use of upgraded technology.
  • At Paisabazar consumers can access their credit score and around 21.5 Mn customers has accessed this service.

Policybazaar Shortcomings

  • IRDAI issued a show cause notice dated June 8, 2021(“Notice”) to Policybazaar in relation to alleged violations of the IRDAI Regulations, 2017  and the IRDAI (Insurance Advertisement and Disclosure) Regulations, 2000 (“Advertisement Regulations”). IRDAI had received complaints against Policybazaar alleging unethical practices by our Company, Policybazaar and Paisabazaar, and misrepresentation of income in their financial statements, this matter is still pending.
  • Major portion of the expenses are covered by employee cost and advertisement cost of the company.

Policybazaar Opportunities


  • The spread of the Covid-19 pandemic has further raised public awareness about life and health risks and has increased demand for protection products, I.e. life and health insurance to ensure their dependents remain financially afloat for a long time.
  • IRDIA allowed issuance of health policies without physical document, which will make to whole process much more easy.
  • Online insurance market is still highly under penetrated, there is lack of awareness among people about online market. Only around 1% of total policies are sold online.
  • Company is planning for offline expansion to develop network of Point of sale presence(POSP) to cater that segment of economy who do not deal in online insurances due to lack of trust or personal touch.

Policybazaar Threats

  • sentiments among insurance companies to decrease dependency on 3rd party service providers.
  • Commentary from SBI Life and ICICI Lombard that they are trying to work on their own distribution channel and will try to promote that instead of relying on 3rd party.
  • PB fintech is going to opt some offline strategies in near future and planning to have around 200 offline outlets. This strategy will increase the employee cost which already covers a major portion of expenses of the company. Currently their is huge risk of failure of the strategies as well.
  • With the proposed enactment of the Personal Data Protection Bill, 2019 (“PDP Bill”), and the ongoing regulatory discussions along proposed Indian regulation to govern non-personal data, the privacy and data protection laws are set to be closely administered in India, and the company may become subject to additional potential compliance requirements. 
Policybazaar Rating

  • RECOMMENDATION

    Buy

  • Policybazaar Detail Info

Industry Statistics

PUBLIC LIMITED

Registered In

India

last Updated

07/10/2021

Registered Date

04/08/2008

Planify Ticker

PBF

Reg Office: Plot 119, Sector 44, Gurugram- 122001, Haryana

Website: https://www.pbfintech.in/