Policybazaar is one of the most popular online insurance aggregators in India. It allows customers to compare and buy insurance policies from various insurance companies. Given its huge popularity in India, many wonder if Policybazaar is an Indian company.
Policybazaar is indeed an Indian company. It was founded in 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar. The company is headquartered in Gurgaon, Haryana, India.
Policybazaar started off as a website that allowed customers to compare different insurance products. Over the years, it has evolved into a comprehensive insurance marketplace that sells policies from nearly all major insurance companies in India. Customers can compare and purchase policies for life, health, motor, travel and other insurance on Policybazaar’s website or mobile app.
Founders and Key People
As mentioned earlier, Policybazaar was founded by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar in 2008. Here are some details on the founders:
- Yashish Dahiya is the CEO of Policybazaar. He is an alumnus of IIM Ahmedabad. He has previously worked with Bain & Company and ItzCash.com.
- Alok Bansal is the CFO and COO of Policybazaar. He is an alumnus of IIT Delhi and IIM Ahmedabad. He has previously worked with BCG.
- Avaneesh Nirjar was the Chief Technology Officer of Policybazaar. He is an alumnus of IIT Kanpur.
In addition to the founders, some other key executives at Policybazaar are:
- Sarbvir Singh – CEO of Policybazaar Insurance Brokers Private Limited
- Santosh Agarwal – CBO of Policybazaar Insurance Brokers Private Limited
- Raghunandan Saran – Founder and CEO of Paisabazaar
Clearly, the founders and top management of Policybazaar comprises mainly of Indian citizens who are alumni of top Indian institutes like IIT and IIM.
Ownership and Funding
Policybazaar is owned by Etechaces Marketing and Consulting Pvt Ltd. This is a privately held company incorporated in India.
Policybazaar has received funding from several investors over the years. Here is a summary:
| Year | Key Investors | Amount Raised |
|---|---|---|
| 2021 | Temasek, Falcon Edge Capital | $75 million |
| 2019 | Chinese Investment firm Tencent | $150 million |
| 2018 | Softbank | $200 million |
| 2017 | Premji Invest, Temasek | $77 million |
| 2016 | Premji Invest | $40 million |
| 2015 | Tiger Global Management | $40 million |
| 2014 | Tiger Global Management, Softbank | $60 million |
| 2013 | Intel Capital | $10 million |
As evident, Policybazaar has received funding from many global investors. However, the majority ownership still rests with the Indian founders and Etechaces Marketing and Consulting Pvt Ltd, an Indian company.
Products and Services
Policybazaar offers the following insurance products and services to Indian citizens:
- Life Insurance – Term insurance, child insurance, pension plans, ULIPs etc. from 24 life insurance companies
- Health Insurance – Individual health plans, family floater plans, critical illness plans, COVID-19 specific plans etc. from 21 insurance companies
- Motor Insurance – Two-wheeler, private car and commercial vehicle insurance from 12 insurers
- Travel Insurance – Domestic and international trip insurance from 5 insurance companies
- Other Insurance – Home insurance, gadget insurance and cyber insurance etc. from 10 insurers
In addition, Policybazaar also offers products like loans, credit cards, savings account etc. through its fintech partners. But the primary focus is on insurance products.
The selection of insurance partners is tailored for the Indian market. Most large insurance companies operating in India like LIC, HDFC Life, ICICI Prudential, New India Assurance, Bajaj Allianz etc. are available on Policybazaar.
Technology and Operations
Policybazaar operates exclusively in India with all technology and operations based out of the country:
- The website and apps are developed by technology teams based in Gurgaon, India.
- Policybazaar employs over 4000 people across India for sales, support, product development and other functions.
- It has partnered with over 40 insurers in the Indian market to offer their products.
- The Call center and back-office operations are located in India.
There is no technology or operations infrastructure outside India. Everything from product development to sales and support happens locally within the country.
Regulatory Approvals
Policybazaar operates under the regulatory purview of IRDAI (Insurance Regulatory and Development Authority of India).
It has received the requisite licenses and regulatory approvals to function as an insurance broker in India:
- Registered as a Direct Insurance Broker with IRDAI since 2014
- Holds a valid license from IRDAI to distribute life and general insurance products
- Complies with all IRDAI regulations related to solvency margins, capital adequacy and corporate governance
The fact that Policybazaar holds a broking license from IRDAI reinforces that it is an Indian company that meets all local regulatory requirements.
Financial Performance
As per public filings, here are some details on Policybazaar’s financial performance in the last 3 years:
| Parameter | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|
| Revenue | ₹3,105 cr | ₹1,984 cr | ₹1,458 cr |
| Net Profit | -₹230 cr | -₹204 cr | -₹218 cr |
| Net Worth | ₹1,343 cr | ₹1,028 cr | ₹906 cr |
The financial statements clearly show an India-based company with revenues and shareholding in Indian rupees. The company files taxes and audits as per local regulations.
Branding and Marketing
Policybazaar promotes itself as a homegrown Indian startup. All branding and marketing is focused on Indian consumers:
- The logo and brand colors use the Indian tricolor theme
- Advertising is centered around Indian festivals like Diwali, events like IPL and Indian celebrities like Amitabh Bachchan
- Marketing campaigns highlight patriotic themes under slogans like ‘Aapki Jeet, Hamari Jeet’
- Social media presence is targeted at Indian languages apart from English
Right from the logo to celebrity ads, it is clear that branding and positioning is done as an Indian company catering primarily to Indian citizens.
Conclusion
To summarize, Policybazaar exhibits all the characteristics of being an Indian company:
- Founded and headquartered in India
- Owned by Indian founders and private limited entity
- Caters primarily to the Indian insurance market
- Employees and operations based entirely in India
- Received funding from global investors but control rests with Indian promoters
- Holds a valid insurance broking license from IRDAI
- Financial statements in Indian rupees and as per Indian accounting standards
- Brand positioning targeted at Indian consumers
While Policybazaar has attracted investment from foreign companies, the majority ownership and control lies with Indian founders and entities. It operates exclusively in India under local regulations. Thus, there is no doubt that Policybazaar is as Indian as any other homegrown startup. It is an Indian company through and through.
