Policybazaar.com Collected Rs. 10 Crore of Premiums on Last Day of FY17
The Gurgaon-based - Policybazaar.com clocked a whopping sum of Rs. 24 cr. premium in the last three days of the financial year.
GURGAON: Policybazaar.com has crossed Rs. 10 crore a day premium mark on the last day of financial year 2017. With this landmark milestone, this online platform became the first player in the country to achieve such huge online insurance sales.
“Honestly, we have crossed our own expectations. Going by the last month activity, we should easily beat the Rs. 200 cr. revenue mark (our initial target). This is the result of sustained effort over the last 9 years and the goodwill built with the customers,” said Yashish Dahiya, Co-founder & CEO at Policybazar.com on the achievement of this milestone.
PolicyBazaar.com, which broke even in November, last year, has become the first internet company in India to turn profitable on yearly basis from among the start-ups that have emerged in the last decade. The company has also hit a new milestone of 2 million online insurance buyers.
While expressing his gratitude, Mr. Yashish also said, “With the financials auguring well, we plan to go more aggressive in marketing and technology in the current fiscal year. The company recorded more than 100% growth in FY17 and sold more than 750,000 policies in the last 6 months of FY17.”
He further added, “We are now targeting Rs. 2,000 cr. insurance premium in the year starting 1st April 2017 and add 1,000 more people to our workforce. Having comfortably broke even this year, we are now looking at profits of Rs. 50 cr in the coming year. We believe that protection products will be driver of future insurance growth. Overall, we are confident of reaching 1 crore customers by 2020.”
One of the most successful start-ups in the consumer internet space, Policybazaar.com has backing from a host of high-profile investors including InfoEdge (Naukri.com), Inventus Capital, Tiger Global Management, Steadview Capital, Premji Invest, Temasek and Ribbit Capital. The 2,500 – headstrong company has raised so far Rs. 500 cr. from its existing investors and is valued at Rs. 2,500 cr.
A recent KPMG global report rated Policybazaar.com as India’s finest fin tech innovator, recognizing its efforts in changing the way India buys insurance. From receiving traffic of 180,000 visitors in 2008, Policybazaar.com today hosts over 60 million visitors yearly. Policybazaar.com started its operations in 2008 with a one-room office that was cramped for space with twenty close associates. Today, it has four office buildings in Gurgaon.