PolicyBazar is India’s online insurance aggregator. The company was formed in 2008 and headquartered at Gurgaon Haryana. The company began operations in 2008 as a key force in establishing an informative online financial services platform in India.
Over the last nine years, the company has marked a staggering growth in terms of consumer traffic and number of people using the platform to buy insurance products to become the “destination site” for all insurance related queries amongst Indian consumers.
PolicyBazaar was founded by Yashish Dahiya and Alok Bansal.
Yashish Dahiya holds a Bachelor’s Degree in Engineering from IIT Delhi, a Post Graduate Diploma in Management from IIM Ahmedabad, and an MBA from INSEAD. He started his career as a Business Unit Head at Illinois Tool Works and later moved on to Bain & Co. to work as a Management Consultant. Before starting his entrepreneurial journey with PolicyBazaar.com, Yashish Dahiya worked with First Europa, a Global Online Insurance Broker, as their CEO.
Alok Bansal is Co-founder and CFO at Policybazaar.com. Alok leads the financial department of the company. Prior to PolicyBazaar, Alok served as the Director, Finance for First Europa. He has also held prestigious managerial positions with Mahindra & Mahindra, iGate Global Solutions, and General Electric. He holds an MBA from IIM Kolkata and a degree in Engineering from Lucknow University.
Policybazaar has been backed by the top investors from India and abroad. The company has successfully raised the funding of around 70 million Dollars by now, In five round of funding participated by 9 investors.
In March 2013 company hosted its first round of funding and raised 4.6 million Dollars from Intel Capital and Inventus Capital Partners. Then after one month, the second round of funding happened the event was led by Inventus Capital Partners. The company has raised 5 million dollars in this round from Inventus Capital Partners, Info Edge, and Intel Capital.
In May 2014 the company raised 20 million Dollars in the third round of funding led by Tiger Global Management. Then in April 2015, In Series D fourth-round lead by PremjiInvest PolicyBazaar raised 40 million dollars of funding from PremjiInvest, Tiger Global Management, Ribbit Capital, Steadview Capital, ABG Capital.
PolicyBazaar Business Model:
Policybazaar.com is an aggregator website, which helps customers to research and compare the features of different insurance policies within a category, hence enabling them to make an informed choice.
The company has tied up with insurance brokers which help them procure information such as price, benefit, insurance cover etc directly from the insurers for the customer to compare. Basis the information provided by the platform, the customer then chooses the best option. PolicyBazaar does not charge from its customer anything for their service. Our revenue comes from fixed marketing and advertisement fee from the insurance companies.