Policybazaar plans for IPO in 2018
Insurance comparison portal, Policybazaar, is banging on an initial public offering (IPO) by the end of 2018. The company also is close to raising a pre-IPO round worth USD 50 million (Rs 327 crore). It wants to strengthen its balance sheet with the funds raised.
On the financial front, Policybazaar has witnessed a turnaround in November 2016. According to the Company’s management, Policybazaar will clock Rs 210 crore revenue in FY17. The Company is aiming to achieve revenue of about Rs 350 crore, and profit of Rs 50 crore in FY18.
Since its inception in 2008, Policybazaar has lapped up Rs 410 crore from the likes of InfoEdge, Tiger Global Management and Premji Invest. The company is close to raising a Series E round of funding which will value the firm at USD 350-400 million (Rs 2291 crore to Rs 2618 crore).