Policy bazaar; another unicorn from Delhi-NCR
Last week Policy Bazaar from Gurgaon, raised INR 1400 crores ( approx). Investors valued the startup for more than INR 7000 crores.
Last week Policy Bazaar from Gurgaon, raised INR 1400 crores ( approx). Investors valued the startup for more than INR 7000 crores.
Who is Policy Bazaar?
Yashish Dahiya started an online portal for insurance policies in 2008.
It accounts for about 20 percent of India’s life cover, and over 7 percent of India’s retail health business.
It’s annula revenue is north of INR 200 crores.
Worth reading: How Yashish built Policy Bazaar
Who are its competitors?
It’s the market leader, far ahead of its competitors.
Bankabazaar is its nearest competitor. It is 1/3rd its size with a revenue of Revenue of INR 118 crores.
Firefox generates a tiny fraction of Policy Bazaar’s revenue of INR 6 crores Though, they claim that Policy Bazaar copied their designs.
Bankbazaar recently raised INR 195 crores. Firefox raised INR 144 crores. V C Circle
What does it mean?
Companies from Mumbai and Delhi dominate the insurance market. However, when it comes to online space, its Gurgaon based Policybazaar.
India’s insurance market is worth more than INR 5,00,000 crores. So, these online brands have barely scratched the surface. It will be a long run.
We will keep revisiting to see how players are doing.