History of PB Fintech

_x000D_ Policybazaar.com was founded in June 2008 when Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar co-founded it as an insurance comparison platform. _x000D_ _x000D_ The company's journey began with its incorporation as 'Etechaces Marketing and Consulting Private Limited' on June 4, 2008. Later, on September 18, 2020, the company underwent a name change, becoming known as PB Fintech Private Limited. Back then, the Indian insurance landscape was rather opaque, with policies primarily being sold through agents. _x000D_ _x000D_ Policybazaar aimed to change this by offering customers a transparent platform where they could access information about various insurance policies and make informed choices. Initially, it operated as a price-comparison website and a source of insurance-related knowledge. Over time, it evolved into a comprehensive marketplace for insurance policies. In 2015, Policybazaar leapt into the mobile world by launching its app for Android and iOS users._x000D_ _x000D_ In June 2021, Policybazaar secured an insurance broking license from IRDAI. Concurrently, the company announced its intention to establish 100 physical outlets across India, signalling a shift from its earlier web aggregator focus._x000D_ _x000D_ Fast forward to November 2021, the parent company of Policybazaar, PB Fintech Ltd, embarked on its Initial Public Offering (IPO) journey, successfully raising a significant ₹5,625 crore (equivalent to US$700 million). _x000D_ _x000D_ This milestone paved the way for PB Fintech Ltd's shares to be traded on both the National Stock Exchange and the Bombay Stock Exchange, with trading commencing on the 15th of November 2021._x000D_

Business Segments 

_x000D_ PB Fintech has expanded its portfolio to encompass a range of products and services catering to both business-to-business (B2B) and business-to-consumer (B2C) sectors, with a specialised focus on FinTech and InsurTech markets._x000D_

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• Personal Insurance: PB Fintech facilitates personal insurance solutions via its online platform. Users can conveniently explore, compare, and acquire various personal insurance policies, encompassing life insurance, health insurance, and travel insurance. These offerings are sourced from leading insurance providers.
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• Business Insurance: Under the PB Corporate initiative, PB Fintech caters to the business sector's insurance requirements. This segment specialises in delivering B2B insurance products, and it also extends coverage for employers and employees alike.
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• Credit Card and Loan Disbursement: PB Fintech streamlines the loan application and disbursal process through its Paisabazaar platform. It provides a spectrum of loans, including personal loans, home loans, and business loans, all sourced from prominent banks and its subsidiary named “Money Wide”. It also facilitates providing credit scores and integrated cards.
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• Additional Services: Beyond the mentioned services, PB Fintech has diversified its portfolio into document management. Doc Prime, India’s first Digital Health Locker, manages health records and bills all on one platform.
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_x000D_ PB Fintech has also expanded its operations by launching three significant new initiatives: PB Partners, and a business venture in the UAE._x000D_ _x000D_ The subsidiaries of PB fintech include Policybazaar Insurance Brokers Private Limited, and Paisabazaar Marketing and Consulting Private Limited._x000D_

Key Personnel:

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1. Yashish Dahiya, CEO and Chairman
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_x000D_ Yashish Dahiya currently holds the position of Group CEO and co-founder at Policybazaar.com. Over the course of more than a decade, he has successfully transformed Policybazaar into a significant player in influencing consumer choices in the insurance sector. Before embarking on his entrepreneurial journey with PolicyBazaar.com, Yashish Dahiya served as the CEO of First Europa, a global online insurance broker. During his tenure at First Europa, he played a pivotal role in steering the company's global expansion efforts and overseeing its operations across nine different geographic locations._x000D_

Management Outlook

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• The company's long-term success relies on attracting and retaining consumers. They've achieved consistent growth in website and mobile platform visitors, with 6.8 crore registered consumers as of March 31, 2023. The aim is to expand further through awareness campaigns.
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• Policybazaar and Paisabazaar leverage their extensive consumer bases to benefit insurers and lending partners, offering them one of the most cost-effective consumer acquisition channels. They've established numerous partnerships, resulting in substantial increases in insurance premiums, disbursals, and credit card acquisition.
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• The company focuses on retaining and expanding business with existing customers. In Q1 2023, renewal/trail revenue increased significantly, indicating the potential for higher margins in both insurance and credit segments. This approach is key to sustained profitability.
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