Policybazaar, an online and digital platform to sell insurance policies, is looking to raise around ` . 400 crore, largely from existing investors such as PremjiInvest, Tiger Global, Ribbit Capital and Temasek. The company expects to complete the process in six weeks.
“We are looking to raise ` . 400 crore, mostly from existing investors,“ said Yahish Dahiya, co-founder at Policybazaar. “We are looking to close the fund-raising in the next six weeks. The company would be valued at ` . 2,600 crore.“
Policybazaar has turned profitable in the financial year ended March 31, 2017, and is expected to turn in net profit of about ` . 50 crore during the financial year ended March 31, 2018.
Policybazaar was valued at over . 2,200 crore, according to the last ` deal, when Temasek bought a sta ke and Intel exited.
In the last financial year, the company had revenues of ` . 210 crore.In 2016, Intel Capital had exited Policybazaar by selling its stake to , Tiger Global, which is the single largest investor, with more than 30% stake. Info Edge owns 18%.
In April 2015, the company had raised `. 300 crore from PremjiInvest, Steadview Capital, Ribbit Capital, and Tiger Global.Dahiya has explored listing the company in the current financial year. “We will be listing ready by October this year from the compliances point of view,“ said Dahiya.
“The listing will depend on inves tors that are willing to exit. We don’t require capital but we are get ting good interest in the market.“
The website records about 120,000 transactions a month.
Source:- The Economic Times