PolicyBazaar FY18: Revenue records 3X spike to Rs 159.36 Cr while losses shrink by 78%
The latest RoC filings of PolicyBazaar reveal that the company has suffered a loss of Rs 9.43 crore in FY18 with a revenue of Rs 159.36 crore for the same time frame.
Company’s income saw a tremendous spike of 224.83 per cent from being Rs 49.06 crore in FY17 and it was able to shrink its losses by 78.52 per cent, going down from Rs 43.91 crore in the previous financial year ending March 2017.
The expenses for the company rose by 81.57 per cent, going up from Rs 92.96 crore in FY17 to Rs 168.79 crore in the financial year that ended March this year.
The largest expenditure for the company has been for its employees, costing Rs 99.39 crore in FY18, 63.96 per cent increase from Rs 60.62 crore spent in FY17.
For the uninitiated, PolicyBazaar provides four kinds of services to its partner insurance houses – telemarketing, outsourcing, rewards, and product listing. For FY18, Outsourcing has been the most rewarding business for the company, accounting for 51.74 percent of the basic turnover, which amounted to Rs 158.31 crore.
Telemarketing stood at a close second with a share of 41.59 per cent in the gross revenue.
The largest source of income for the Alok Bansal and Manoj Sharma led company turned out to be the outsourcing service for HDFC Standard Life Insurance, whereby the company earned Rs 32.56 crore.
Looking at the milestones that the company achieved during the year, the insurance aggregator gained a unicorn status this year, with multiple funding rounds scored during and post FY18.
In October 2017, the firm had closed its Series E funding round worth $77 million, led by Wellington Management, True North, and Chiratae Ventures (previously IDG Ventures India)
Almost a quarter past FY18, the company again raised a Series F funding round of $236 million led by Softbank. This amount included both primary($206 million) and secondary($30 million) transactions.
Last month, the company infused $50 million in DocPrime, the application it launched to foray into healthtech venture, whereby it provides a marketplace for doctors connecting with patients.
Seeing the positive performance of the company where it managed to multiply its revenue and shrink its losses on a reciable scale, it would be interesting to if the company nears profitability soon, and how long it will take to reach the $1.5 billion IPO it has been preparing for since December last year, if at all it does.
Source: Entrackr
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