Policybazaar files for ₹6,018 crore IPO

The craze around Zomato’s IPO is beginning to settle down but here’s another one that is likely to have the market swooning pretty soon. The largest online insurance aggregator of India- Policybazaar, which is backed by Softbank, Temasek, Info Edge, Tiger Global and Premji Invest, has filed papers with SEBI to raise ₹6,017.5 crores from the market.

Policybazaar files for ₹6,018 crore IPO


The 13-year-old and the sixth-largest fintech startup of India, Policybazaar fetches an unbiased comparison of different insurance plans across life insurance and general insurance category.

Insurance seekers can compare different insurance policies without any trouble including health insurance, life insurance, car insurance, bike insurance, travel insurance, term insurance & child insurance plans. Apart from this, the startup aims at spreading awareness, through various digital campaigns, about niche insurance products like ULIPs, Child insurance, Annuity Plans, etc.

Yashish Dahiya serves as the Chairman, Executive Director and CEO of Policybazaar. Alok Bansal is the CFO and a Whole-time Director. Sarbvir Singh is the President and Non-executive Director of Policybazaar. Kitty Agarwal and Munish Ravinder Varma also serve as Non-executive Directors of the company.


Key things to know about the IPO

Public Issue- The public issue of ₹6,017.5 crores comprises a fresh issue of ₹3,750 crores and an offer for sale of ₹2,267.5 crores by existing selling shareholders, which consists of selling of ₹1,875 crores worth of shares by investor SVF Python II (Cayman), and ₹392.5 crores by other shareholders.

Pre-IPO Placement- In consultation with merchant bankers, the company may consider a further issue of equity shares up to ₹750 crores, by way of a private pre-IPO placement. The size of the fresh issue will be lowered by the amount raised from the pre-IPO placement accordingly.

Future plans- The company has plans to utilise the proceeds from the fresh issue in improving the visibility and awareness of the brands (including but not limited to Policybazaar and Paisabazaar) (₹1,500 crores); tapping new opportunities to expand consumer base including offline presence (₹375 crores); making strategic investments and acquisitions (₹600 crores); expanding presence outside India (₹375 crores), and general corporate purposes.