IPO-bound PolicyBazaar opens retail stores; hires former SBI senior executive
Insurance marketplace Policybazaar, which is preparing to go public will now have offline stores, going beyond a digital-only presence so far
Mumbai / June 25, 2021 / 08:16 PM IST
Online insurance marketplace Policybazaar.com said on June 25 that it would launch offline retail stores, the next step in providing insurance to consumers after it officially received a broking license from the regulator.
Starting with 15 stores and with plans to expand to 100, the offline stores will help it serve small businesses and self-employed professionals such as doctors and lawyers. The offline store strategy will be led by Rajiv Gupta, former Executive Director of State Bank of India Life Insurance.
"The need for insurance is huge, especially outside metro cities and our glass offices. We could not have done justice to our objective of increasing India's insurance penetration levels with online channels alone,” said Yashish Dahiya, co-founder and group CEO of PolicyBazaar.
The offline stores will serve as an experience centre and help customers shop for insurance. With its brokerage license which it received earlier this month, it can also help customers with on-ground claims settlement.
The move also comes at a time when Policybazaar is on the cusp of a historic public listing at a valuation of $3.5-4 million. Along with Zomato, it will be one of the first new age internet companies to file for an Initial Public Offering (IPO).
Policybazaar’s investors include Japan’s SoftBank, private equity firm True North, Premji Invest, Tiger Global Management and Temasek. For FY20, the latest fiscal for which its numbers are available, Policybazaar recorded a loss of Rs 218 crore on a revenue of Rs 515 crore, compared to a loss of Rs 213 crore on a revenue of 310 crore in FY19.