Policybazaar’s plans for a public offer have got a leg up after the company broke even in November 2016.
Insurance comparison portal Policybazaar is setting its sights on an initial public offering (IPO) by the end of 2018. The company also is close to raise a pre-IPO round worth USD 50 million, according to a report in Mint. The company wants to strengthen its balance sheet with the fund raise.
Policybazaar’s plans for a public offer have got a leg up after the company broke even in November 2016. It is hopeful of clocking significant profit growth in FY18.
Policybazaar will end FY17 with revenue of Rs 210 crore and ring in a Rs 50-crore profit over revenue of about Rs 350 crore in FY18, Chief Executive Yashish Dahiya told the paper.
Since its inception in 2008, Policybazaar has drummed up Rs 410 crore from the likes of InfoEdge, Tiger Global Management and Premji Invest. The paper reported that it is close to raising a Series E round of funding which will value the firm at USD 350-400 million.Dahiya was confident the company can keep losses at bay. “Policybazaar does not anticipate losing money here onwards, whatever investment we will make will be from this profit,” Dahiya told the paper, adding that Policybazaar has about USD 40 million in the bank.