Policybazaar
Mainboard₹5,710 Cr issue
+17.35%
Listing gain over issue price
Issue size
₹5,710 Cr
1 lot at cut-off
₹14,700
Lot size
15shares
Open
01 Nov 2021
Close
03 Nov 2021
Allotment
10 Nov 2021
Listing
15 Nov 2021
Listing performance
Issue price
₹980
Listed at
₹1,150
Listing-day close
₹1,202.90
Latest price
₹1,015
Close on 23 Oct 2026
Listing gain
+17.35%
Return since issue
+3.57%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 01 Nov 2021 – 03 Nov 2021
- Listing date
- 15 Nov 2021
- Face value
- ₹2 per share
- Issue price
- ₹980 per share
- Lot size
- 15 shares
- Total issue size
- ₹5,710 Cr
- Market cap at offer price
- ₹44,051 Cr
- ISIN
- INE417T01026
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Citigroup Global Markets India Pvt.Ltd.
- Registered office
- Plot No.119, Sector 44 Gurugram, Haryana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 2,62,18,079 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 15 shares per lot, in multiples, at ₹980
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 15 | ₹14,700 |
| Retail (max) | 13 | 195 | ₹1,91,100 |
| S-HNI (min) | 14 | 210 | ₹2,05,800 |
| S-HNI (max) | 68 | 1,020 | ₹9,99,600 |
| B-HNI (min) | 69 | 1,035 | ₹10,14,300 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
2,62,18,079
Anchor portion
₹2,569 Cr
at ₹980 per share
Valuation and performance
Valuation at offer price
₹980 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹44,051 Cr |
About Policybazaar
PB Fintech Limited is a professionally managed company incorporated in 2008 that has built India's largest online platform for insurance and lending products through its subsidiaries Policybazaar and Paisabazaar. The company operates in the fintech space, providing insurance broking services and credit product distribution. Policybazaar connects consumers with life, health, and general insurance products from insurer partners, while Paisabazaar connects consumers with credit and lending products from lending partners. The company generates revenue through commissions from insurance and lending partners, advisory services, and technology/consulting services. The company has grown from losses of ₹3,468.11 million in Fiscal 2019 to ₹1,502.42 million in Fiscal 2021, with total income of ₹9,574.13 million in Fiscal 2021.
Company Analysis
from RHPPB Fintech Limited operates India's largest online platform for insurance and lending products, spanning fintech, insurance distribution, and credit services.
PB Fintech Limited is a professionally managed company incorporated in 2008 that has built India's largest online platform for insurance and lending products through its subsidiaries Policybazaar and Paisabazaar. The company operates in the fintech space, providing insurance broking services and credit product distribution. Policybazaar connects consumers with life, health, and general insurance products from insurer partners, while Paisabazaar connects consumers with credit and lending products from lending partners. The company generates revenue through commissions from insurance and lending partners, advisory services, and technology/consulting services. The company has grown from losses of ₹3,468.11 million in Fiscal 2019 to ₹1,502.42 million in Fiscal 2021, with total income of ₹9,574.13 million in Fiscal 2021.
fintechinsurance distributioninsurance brokingcredit/lending servicesonline financial services
Objects of the Issue
- Enhancing visibility and awareness of our brands, including but not limited to 'Policybazaar' and 'Paisabazaar' ₹15,000 million p.30
- New opportunities to expand growth initiatives to increase our Consumer base including offline presence ₹3,750 million p.30
- Funding Strategic investments and acquisitions ₹6,000 million p.30
- Expanding our presence outside India ₹3,750 million p.30
- General corporate purposes ₹7,630.90 million p.30
- Repayment of borrowings of subsidiaries p.71
- Funding capex for opening physical retail outlets ₹1,500 million p.71
- General corporate purposes and expansion p.71
- Enhancing visibility and awareness of our brands, including but not limited to 'Policybazaar' and 'Paisabazaar' ₹15,000 million p.158
- New opportunities to expand growth initiatives to increase our Consumer base including offline presence ₹3,750 million p.159
- Funding strategic investments and acquisitions ₹6,000 million p.161
- Expanding our presence outside India ₹3,750 million p.162
- General corporate purposes ₹7,630.90 million p.162
- Expansion of physical retail outlets for Policybazaar across India p.208
- Technology and digital infrastructure investments p.209
- Strategic investments and acquisitions to enhance product and service capabilities p.209
- International expansion in Middle East and Southeast Asia p.209
- The document does not specify the Objects of the Offer in this extract
Issue Structure
- Total Issue
- ₹57,097.15 million (58,262,397 Equity Shares)
- Fresh Issue
- ₹37,500 million (38,265,306 Equity Shares)
- Offer for Sale
- ₹19,597.15 million (19,997,091 Equity Shares)
- Price Band
- ₹940 - ₹980 per Equity Share
- Lot Size
- 15 Equity Shares and in multiples of 15 Equity Shares thereafter
- Face Value
- ₹2 per Equity Share
Business Model
Revenue from insurance commissions paid by Insurer Partners on Policybazaar platform, commission from Lending Partners on Paisabazaar platform, credit advisory services, marketing services to financial partners, and online marketing/consulting/technology services to Insurer and Lending Partners.
Business Segments
Insurance product aggregation platform connecting consumers with life, health, and general insurance products from Insurer Partners, providing insurance broking services
Credit and lending product aggregation platform connecting consumers with credit products from Lending Partners, providing credit advisory and marketing services
Operates as an insurance web aggregator where consumers can compare, purchase and manage insurance products offered by multiple insurers. Provides platform for Insurer Partners to offer insurance products including life, health, general and motor insurance.
Facilitates consumer access to credit products from lending partners. Provides platform where consumers can apply for and obtain credit products offered by various lending partners.
Recently acquired subsidiary offering integrated health-tech platform to corporates for employee health benefits management and connecting certified doctors, counsellors and coaches to individuals through web and mobile applications.
Online insurance platform enabling consumers to compare, choose and buy core insurance products from 48 insurer partners offering over 390 term, health, motor, home and travel insurance products as of September 30, 2021
Digital lending platform enabling consumers to compare, choose and apply for personal credit products with 56 partnerships across banks, NBFCs and fintech lenders offering personal loans, business loans, credit cards, home loans and loans against property as of June 30, 2021
Online platform for insurance distribution offering term insurance, health insurance, motor insurance, travel insurance, and savings/investment products. Policybazaar acts as a direct insurance broker registered with IRDAI.
Digital lending platform enabling consumers to compare, choose and apply for personal credit products including personal loans, credit cards, home loans, and secured loans through partnerships with banks and NBFCs.
Aggregates insurance products and generates leads for insurance companies; provides insurance brokerage and underwriting support services
Aggregates investment and lending products; provides services related to investment advisory and lending marketplace
Regulated insurance web aggregator and insurance broker services provided through wholly-owned subsidiary Policybazaar. Services are regulated by the Insurance Regulatory Development authority (Web Aggregator) Regulations, 2017 and Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018.
Online marketing, consulting and support services provided largely to the financial service industry, including outsourcing services, leads generation, product listing, rewards, and other related services.
Provided by subsidiary Policybazaar, regulated by IRDAI as insurance broker. Generates revenue from insurance commission based on percentage of premiums originated and additional services such as telemarketing, account management, premium collection, and outsourcing services. In June 2021, Policybazaar received direct life and general insurance broker license to expand into offline and corporate business.
Consists of Paisabazaar and other entities including PB Fintech. Paisabazaar generates revenues from commission based on percentage of loan disbursal amount or fixed fee for credit cards, credit advisory services, and marketing services to financial services partners. PB Fintech generates revenues from online marketing and consulting services and technology services to Insurer and Lending Partners.
SWOT Analysis
Strengths
- • Largest online insurance and lending platform in India(p.29)
- • Strong direct brand recognition and consumer acquisition(p.46)
- • Reduced marketing efficiency and advertising spend as percentage of revenue(p.47)
- • Comprehensive service offerings across insurance and lending value chain(p.29)
- • Strong commission-generating business model with diversified revenue streams from insurance and credit products(p.61)
- • Established brand presence with registered trademarks and domain ownership across key markets(p.64)
- • Strong brand recognition with 83% of Policybazaar premium sourced through direct/brand search in FY2021(p.158)
- • Significant user base across platforms: 9.6M transacting consumers on Policybazaar and 2.0M on Paisabazaar by FY2021(p.158)
- • Broad insurance partner network: 48 Insurer Partners offering over 390 products on Policybazaar platform(p.157)
- • Extensive lending partner network: 56 partnerships with banks, NBFCs and fintech lenders on Paisabazaar(p.157)
- • Dominant market position in digital insurance distribution(p.184)
- • Leading position in digital consumer credit marketplace(p.202)
- • Strong organic growth driven by brand recognition(p.203)
- • High consumer retention with repeat purchases(p.206)
- • Asset-light, capital-efficient business model(p.193)
- • Extensive partnership network with insurers and lenders(p.205)
- • Proprietary technology and data analytics capabilities(p.204)
- • Large, growing consumer base with valuable data insights(p.195)
- • Integrated online platform for insurance and financial products(p.290)
- • Experienced leadership team with strong credentials(p.245)
- • Strong board composition with independent directors having relevant expertise(p.250)
- • Diversified revenue streams from multiple financial service offerings(p.293)
Weaknesses
- • History of significant operating losses(p.42)
- • Negative operating cash flows in multiple periods(p.50)
- • High concentration dependence on top insurance partners(p.49)
- • Past regulatory violations and show cause notices from IRDAI(p.50)
- • Vulnerability to COVID-19 impacts on business operations(p.43)
- • Dependence on third-party technology and software licenses which could be terminated or restricted(p.57)
- • High operational losses and burn rate limiting financial flexibility(p.98)
- • Regulatory actions and show cause notices from IRDAI creating compliance burden and uncertainty(p.58)
- • Significant contingent liabilities from tax matters and regulatory proceedings(p.72)
- • Concentration of revenue from insurance products creating portfolio risk(p.61)
- • Heavy reliance on third-party vendors for payment processing with operational disruption risk(p.61)
- • Inability to retain key personnel leading to operational disruption(p.63)
- • Consistent operating losses across three fiscal years (FY2019-FY2021)(p.115)
- • Negative cash flow from operations: ₹8,873.24 lakhs outflow in FY2020(p.115)
- • Paisabazaar subsidiary experienced significant losses in FY2020 (₹1,011.91 million loss)(p.158)
- • Policybazaar subsidiary also incurred substantial losses across all three years presented(p.157)
- • High dependence on marketing spend: ₹4,452.17 million in Fiscal 2020 and ₹3,678.43 million in FY2021(p.158)
- • Significant ongoing operating losses(p.202)
- • High marketing and customer acquisition costs relative to revenue(p.215)
- • Dependence on commission revenue from partner insurers and lenders(p.193)
- • Paisabazaar saw significant disbursal decline in recent periods(p.202)
- • Significant operating losses across multiple fiscal years(p.285)
- • IRDAI inspection proceedings with uncertain impact on financial statements(p.278)
- • Dependency on specific subsidiaries for revenue generation(p.257)
- • High employee benefit expense relative to revenues(p.285)
- • Accumulated losses and negative retained earnings(p.315)
- • Heavy dependence on lease liabilities creating fixed financial obligations(p.304)
- • Significant concentration of revenue from single customer in insurance segment(p.336)
Opportunities
- • Massive underpenetrated insurance market with high growth potential(p.29)
- • Significant protection gap indicating consumer awareness opportunity(p.29)
- • Expand presence through offline channels and strategic investments(p.30)
- • Geographic expansion outside India(p.30)
- • Shift to insurance broker model enabling expanded service capabilities(p.49)
- • Expansion into international markets including Gulf Cooperation Council region and Southeast Asia(p.62)
- • Growth in online insurance distribution driven by increasing internet and mobile penetration(p.65)
- • Expansion of offline retail presence to capture underserved markets(p.71)
- • Diversification into new financial services products beyond insurance and credit(p.61)
- • Massive addressable market: India's insurance industry projected to grow at 17.8% CAGR to reach ₹39 trillion by FY2030(p.177)
- • Underpenetrated insurance market: Only 28% sum assured as % of GDP vs 265% in USA(p.178)
- • Rapid digital adoption: 621 million internet users (45% penetration) in CY2020 and 39% smartphone penetration(p.174)
- • Policybazaar received direct insurance broker registration from IRDAI in June 2021, enabling offline expansion and new service offerings(p.159)
- • Expansion into complementary segments: Strategic investment in Visit Health Private Limited (30.46% stake) in healthcare/wellness(p.161)
- • Growing consumer credit market opportunity: India's personal loans and credit card market expanding rapidly(p.157)
- • Increasing health awareness and insurance demand post-COVID-19 pandemic(p.181)
- • Government policy support: IRDAI standardization of term insurance and income tax benefits under section 80C and 80D(p.181)
- • Expansion of offline presence through physical retail outlets(p.208)
- • Highly underpenetrated insurance and lending markets in India(p.202)
- • Significant growth potential in consumer lending(p.203)
- • Low digital penetration in insurance and lending channels(p.203)
- • Neo-lending strategy to address underserved segments(p.209)
- • International expansion opportunities(p.209)
- • SME and corporate client market expansion(p.208)
- • Expansion of insurance and financial product distribution through digital platforms(p.290)
- • Growing penetration of digital financial services in India(p.293)
- • Scale operations through digital infrastructure investment and technology capabilities(p.258)
- • International expansion potential through foreign subsidiaries(p.280)
- • Expansion into insurance brokerage business(p.345)
- • Growth in digital health and wellness services(p.330)
- • Planned Initial Public Offering(p.346)
Threats
- • Intense competition from multiple market participants(p.51)
- • Regulatory restrictions and evolving compliance requirements(p.51)
- • Partner-driven risks from insurer and lender withdrawal or changes(p.45)
- • COVID-19 pandemic and lockdown impacts on travel insurance and lending(p.43)
- • Cybersecurity threats and data breach vulnerabilities(p.54)
- • Evolving privacy and data protection regulations creating compliance burden(p.55)
- • Stringent and evolving regulatory framework creating compliance uncertainty(p.57)
- • Intense competition from established insurance companies and large tech platforms(p.60)
- • Regulatory restrictions on commission rates limiting revenue growth(p.60)
- • Economic slowdown and credit crisis impacting lending business and consumer demand(p.67)
- • Negative publicity and reputational damage from fraud and regulatory actions(p.59)
- • Foreign exchange and macroeconomic volatility affecting international expansion(p.82)
- • Regulatory restrictions on foreign investment limiting capital raising capabilities(p.86)
- • Seasonal fluctuations in insurance product demand creating earnings volatility(p.66)
- • High competition in fintech and insurtech sectors from both incumbents and new entrants(p.176)
- • Dependence on evolving regulatory framework: Recent IRDAI broker license requirements and regulatory changes(p.159)
- • Economic slowdown impact: India's economy contracted by 7.3% in FY2021 due to COVID-19(p.173)
- • Low financial literacy in India: Only 30% of population is financially literate(p.175)
- • High proportion of uninsured population: 72.3% of Indian population is uninsured(p.179)
- • Intense competition in online insurance and lending sectors(p.216)
- • Regulatory changes affecting commission structures and intermediary regulations(p.224)
- • COVID-19 pandemic impact on business volumes(p.185)
- • Dependence on credit scoring availability and consumer credit awareness(p.189)
- • Reliance on financial and technology infrastructure stability(p.209)
- • Regulatory risk from IRDAI inspections and compliance requirements(p.279)
- • Impact of COVID-19 on business operations and economic conditions(p.278)
- • Competitive pressure in insurance aggregation and financial services platforms(p.293)
- • Dependency on financial services industry dynamics and insurance market conditions(p.290)
- • Regulatory scrutiny from IRDAI regarding compliance(p.326)
- • Potential TCS liability under GST regulations(p.345)
- • Contingent income tax liability(p.326)
- • Significant accumulated unrecognized tax losses unable to be offset(p.325)
- • Continued operating losses and cash burn(p.323)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| SVF Python II (Cayman) Limited | Investor Selling Shareholder | 9.45% | — |
| Yashish Dahiya | Other Selling Shareholder | 4.27% | — |
| Alok Bansal | Other Selling Shareholder | 1.45% | — |
| SVF Python II (Cayman) Limited | Investor Selling Shareholder | — | — |
| Mr. Yashish Dahiya | Other Selling Shareholder | — | — |
| Mr. Alok Bansal | Other Selling Shareholder | — | — |
| Founder United Trust | Other Selling Shareholder | — | — |
| Ms. Shikha Dahiya | Other Selling Shareholder | — | — |
| Mr. Rajendra Singh Kuhar | Other Selling Shareholder | — | — |
| Yashish Dahiya | Promoter/Founder | 4.27% | — |
| Alok Bansal | Promoter/Founder | 1.45% | — |
| Yashish Dahiya | Promoter/Executive Director | — | — |
| Alok Bansal | Promoter/Whole-time Director | — | — |
| Mr. Yashish Dahiya | Founder | — | — |
| Mr. Alok Bansal | Founder | — | — |
| Makesense Technologies Limited | Shareholder | — | — |
| SVF (SoftBank Vision Fund) | Shareholder | — | — |
| Makesense Technologies Limited | Promoter Group | 26.18% (as at March 31, 2021) | 14.56% (as at June 30, 2021, after bonus and CCCPS conversion) |
| Yashish Dahiya | Promoter | 7.10% (as at March 31, 2021) | 4.27% (as at June 30, 2021, after bonus and CCCPS conversion) |
| Etechaces Employees Stock Option Plan Trust | Promoter Group | 31.48% (as at March 31, 2021) | 5.48% (as at June 30, 2021, after bonus and CCCPS conversion) |
| Yashish Dahiya | Promoter | — | — |
| Alok Bansal | Whole Time Director and Chief Financial Officer | — | — |
Leadership
Yashish Dahiya · Chairman, Executive Director and Chief Executive Officer
Alok Bansal · Whole-time Director and Chief Financial Officer
Bhasker Joshi · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Policybazaar IPO FAQs
What is the lot size of Policybazaar IPO?
The minimum lot size of Policybazaar IPO is 15 shares. One lot costs ₹14,700 at the cut-off price.
When does Policybazaar IPO open and close?
Policybazaar IPO opened for subscription on 01 Nov 2021 and closed on 03 Nov 2021.
What is the listing date of Policybazaar IPO?
Policybazaar IPO listed on 15 Nov 2021.