Policybazaar eyes tenfold revenue jump to Rs 10,000 cr by FY20

The company reported turnover of Rs 1,000 cr during year ended March 2016

Policybazaar.Com, which helps consumers compare and analyse financial products, is eyeing tenfold jump in revenue to Rs 10,000 crore by 2019-20 and becoming profitable by October this year.

"We see big growth coming on the back of increasing penetration of smartphones and consumers' growing comfortable with transacting online. We are looking at garnering revenue worth Rs 10,000 crore by fiscal 2020," Policybazaar.Com CEO and Co-founder Yashish Dahiya told PTI.

He further said: "We are growing at nearly 100% in life and general insurance business and expect new businesses, investments, mutual funds and loans to grow at a even rapid pace. These will be the drivers of our business over the next 4 years."

The company reported turnover of Rs 1,000 crore during the year ended March 2016.

When asked if the growth target was achievable, he said: "We have been marking staggering growth in terms of revenue and customer acquisition and hence, it makes perfect sense for us to scale up our business target. We are hopeful of achieving premium target in 2020 that is 10 times higher than where we are at the moment."

The portal, which was launched eight years back, controls more than 90% of the online insurance comparison market in India. Dahiya said the company is expected to become profitable by October.

At present, health insurance and term insurance contributes around 50% of the company's revenues, while the rest is split between motor, travel, home and investments plan.

Policybazaar.Com has a valuation of around Rs 2000 crore, has till date has raised Rs 410 crore.

Its investors include InfoEdge (Naukri.Com), Inventus Capital, Tiger Global Management, Steadview Capital, Premji Invest, Temasek and Ribbit Capital.