Online insurance platform Policybazaar’s parent company PB Fintech plans to raise an amount of Rs 6,500 crore through an Initial Public Offering (IPO) according to a report by CNBC TV18. PB Fintech has already been converted to a public limited company, the company’s regulatory filing revealed.
As reported by Moneycontrol, PB Fintech is working towards getting listed in the stock markets by the end of the year at a valuation of $4-5 billion. The company was allowed to go ahead with a public issue of shares at n extraordinary general meeting (EGM) On 5 July.
The revenue generated by PB Fintech stood at Rs 310 crore in FY19 which increased to Rs 515 crore by the end of the financial year 2019-20. The Policybazaar owning company remains a loss-making entity. It suffered a loss of Rs 218 crore in the financial year 2019-20, a marginal increase from the loss of Rs 213 crore, recorded at the end of the financial year 2018-19.
The current investors who have stakes in the company include notable names like SoftBank, Naukri.com’s owner InfoEdge, Tiger Global, Singapore government’s sovereign wealth fund Temasek and Premji Invest.
Policybazaar was founded by Yashish Dahiya and Alok Bansal in the year 2008. The insurance platform claims to serve over eight million insurance buyers each year through a network of more than forty insurers.