PolicyBazaar's Unicorn

PolicyBazaar’s Unicorn Journey and Stock Debut

PolicyBazaar, a name synonymous with innovation in the Indian insurance technology (insurtech) landscape, is set to etch its name in the annals of history as India’s first unicorn to make a remarkable stock market debut. Founded in 2008 by visionary entrepreneurs Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar, PolicyBazaar has rewritten the rules of insurance purchase and management in India.

The fintech unicorn, PolicyBazaar, is gearing up for its debut on the Indian stock market next year. The company is set to launch its IPO shares with a valuation exceeding $3.5 billion and is carefully considering all options. Co-founder Yashish Dahiya confirmed this development and expressed the company’s willingness to explore both Indian and international listings through a dual listing if regulations allow. However, current government policies discourage sensitive sectors like fintech from listing on foreign exchanges.

Mr. Dahiya commented on the matter, stating that ETech Aces Marketing and Consulting Pvt., the parent company of PolicyBazaar, is in the process of assessing two to three prominent underwriters, including several Wall Street banks, to facilitate the IPO. He also indicated that if regulatory policies evolve favorably, they are considering a global debut. Many companies prefer to list on exchanges in Singapore or the US, where public listing regulations are often perceived as more straightforward and accommodating.

“We have a global perspective and will explore this further in the coming weeks,” Mr. Dahiya remarked.

Outlook for the Sector:

PolicyBazaar operates within the highly regulated insurance sector, which is predominantly dominated by state and bank-backed insurers. The company focuses on the underserved middle-class population, a segment that often lacks adequate insurance coverage. While the government has introduced affordable health insurance schemes for the underprivileged, the middle-class has often been excluded from these benefits. Aggregators like PolicyBazaar aim to bridge this gap. The sector is poised for significant growth, with an expected revenue increase of $230 million this year and a projected annual growth rate of 14 to 15 percent over the next three to five years, thanks to growing awareness and rising incomes among the middle class.

The anticipated size of the PolicyBazaar IPO is set to exceed $3.5 billion. Additionally, the company is planning to raise $250 million in funding by September 2021, valuing the company at over $2 billion. PolicyBazaar facilitates the sale of approximately one million policies each month from 40 insurers across various segments, including life, health, auto, travel, and property insurance.

The PolicyBazaar IPO announcement holds significant importance for the Indian startup ecosystem. In 2019, several Indian technology startups, including Ola, Lenskart, and PolicyBazaar, petitioned SEBI to reconsider its regulations governing the listing of startup companies. The current policy mandates that promoters must maintain a minimum 20 percent stake in the company they establish. These promoters argued that countries like the USA and China have more flexible regulations, and after diluting their stakes to attract funding, they typically hold between 4 percent and 15 percent ownership in their companies.

The Journey and Achievements of PolicyBazaar:

The journey and achievements of PolicyBazaar showcase a remarkable story of growth and success in the Indian fintech industry. Starting as a visionary idea, the company has evolved into a trailblazer, revolutionizing the way Indians access and understand insurance products.

PolicyBazaar’s journey began in 2008 when it was founded by Yashish Dahiya, Aloke Bansal, and Avaneesh Nirjar. Yashish Dahiya took on the role of CEO, leading the company’s expansion and development. From its inception, the company had a clear mission – to provide an unbiased platform for customers to compare and select insurance policies in various categories, including life, health, auto, travel, and property.

One of PolicyBazaar’s most significant achievements has been its impact on insurance awareness and accessibility in India. The company has played a pivotal role in educating the middle-class population about the importance of insurance and has facilitated their access to a wide range of policies. This has been especially crucial in a country where insurance penetration has historically been low.

PolicyBazaar’s achievements also extend to its financial backing. The company has secured investments from notable entities, including Softbank, Temasek Holdings Pte, Tencent, and Tiger Global. These investments have propelled the company’s growth and positioned it as a significant player in the fintech industry.

As PolicyBazaar prepares for its initial public offering (IPO) with a share launch estimated at over $3.5 billion, it marks a significant milestone in the company’s journey. The IPO is a testament to PolicyBazaar’s success and its determination to further expand its reach and impact. With its dual listing aspirations, PolicyBazaar is poised to make waves not only in India but also on the global stage if regulatory policies allow.

The journey and achievements of PolicyBazaar are a testament to the power of innovation, technology, and a commitment to making financial services more accessible to all. The company’s story serves as an inspiration to aspiring entrepreneurs and a reminder of the transformative potential of the fintech industry in India and beyond.

PolicyBazaar’s Future Plans:

The company’s vision and strategies for the future are shaped by its commitment to innovation and its mission to make insurance more accessible and understandable for all.

  • Global Expansion: PolicyBazaar is exploring opportunities for global expansion. Co-founder Yashish Dahiya has expressed interest in a global debut, provided regulatory policies are conducive. This move could position PolicyBazaar as a significant player in the global insurance aggregator market.
  • IPO Launch: The company is gearing up for its initial public offering (IPO), which is expected to be one of the largest in India’s fintech sector, with an estimated share launch exceeding $3.5 billion. The IPO will not only provide substantial capital but also enhance PolicyBazaar’s visibility and credibility in the financial market.
  • Technology Innovation: PolicyBazaar has been at the forefront of using technology to simplify insurance processes. In the future, the company aims to further enhance its technological capabilities, making it easier for customers to compare and purchase insurance policies seamlessly.
  • Diversification: While PolicyBazaar initially focused on life, health, auto, travel, and property insurance, the company may explore diversification into other financial products and services, broadening its offering to cater to a wider spectrum of financial needs.
  • Customer-Centric Approach: PolicyBazaar’s future plans revolve around maintaining a customer-centric approach. The company aims to continue educating and empowering customers to make informed decisions about their insurance coverage.


Ques: What is PolicyBazaar, and what does it specialize in?

Ans: PolicyBazaar is an online insurance aggregator that specializes in offering a platform for customers to compare and purchase insurance policies across various categories, including life, health, auto, travel, and property insurance.

Ques: When was PolicyBazaar founded, and who are its founders?

Ans: PolicyBazaar was founded in 2008 by Yashish Dahiya, Aloke Bansal, and Avaneesh Nirjar. Yashish Dahiya currently holds the CEO position in the company.

Ques: What is PolicyBazaar’s valuation, and who are its major investors?

Ans: PolicyBazaar is valued at over $2 billion and is backed by major investors like Softbank, Temasek Holdings Pte, Tencent, and Tiger Global, among others.

Ques: What is the significance of PolicyBazaar’s stock market debut?

Ans: PolicyBazaar’s stock market debut is significant as it marks the entry of one of India’s leading fintech unicorns into the stock market. It is expected to be one of the largest IPOs in India’s fintech sector.

Ques: How much capital is PolicyBazaar planning to raise through its IPO?

Ans: PolicyBazaar aims to raise over $3.5 billion through its IPO, which will provide substantial capital for future growth and expansion.

Ques: What is PolicyBazaar’s approach to global expansion?

Ans: PolicyBazaar is exploring opportunities for global expansion and may consider a dual listing if regulatory policies become more favorable for fintech companies.


PolicyBazaar’s entry into the stock market represents a significant milestone not only for the company but also for India’s startup ecosystem. It reflects the potential of Indian fintech unicorns and their contributions to the country’s economic growth.

Looking ahead, PolicyBazaar’s future plans include expanding its footprint, diversifying its financial products and services, and exploring global opportunities. The company’s journey serves as an inspiration for aspiring entrepreneurs and a testament to the transformative power of innovation in the financial services sector.

In an ever-evolving financial landscape, PolicyBazaar stands as a beacon of progress and disruption, with its sights set on shaping the future of the insurance and financial technology industry.

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