PolicyBazaar, an online policy aggregator, posted a revenue of ₹159.4 crore in FY18, more than tripling the number from ₹49.1 crore in FY17. The numbers glow against the backdrop of a significant shrinking of losses, standing at ₹9.4 crore in FY18, down by 78% from ₹43.9 crore in FY17.
The revenues have continued to grow, keep in with the tradition, considering the 383% growth in operational revenues in FY17, over FY16.
For FY18, the operational revenues stood at ₹158.3 crore, making up the bulk of ₹159.4 crore in overall revenues.
While the policy aggregator managed to curtail losses significantly, riding on the rising revenues, the expenses for the Indian unicorn continue to go up.
Total expenses stood at ₹168.8 crore in FY18, from ₹93 crore in the previous fiscal, growing at over 80%. A significant portion of the expenses is attributed to employee benefits expenses, which stood at ₹99.4 crore in the current fiscal.
Among other expenses, marketing and promotional expenses tripled to ₹31.9 crore in FY18, compared to ₹10 crore in FY17, as the startup continues to focus on marketing.
PolicyBazaar was founded by Yashish Dahiya, Avaneesh Nirjar and Alok Bansal in 2008 with its headquarter in Gurugram. It provides a variety of insurance products for its customers like life insurance, health insurance, motor insurance, travel insurance, home insurance, etc.
In May 2018, PolicyBazaar raised $200 million in a series F funding round led by Softbank Vision Fund, along with participation from Singapore-based Temasek Holdings and Info Edge.
According to Crunchbase, PolicyBazaar has raised more than $345 million across all funding rounds. It counts Inventus Capital Partners, Intel Capital, Steadview Capital, Tiger Global Management, and Chiratae Ventures, formerly known as IDG Ventures India, among its investors.
PolicyBazaar has also forayed into the healthcare domain with its latest venture DocPrime. The PolicyBazaar Group infused ₹362 crore into its new venture, as reported in September 2018.