Online insurance aggregator PolicyBazaar has appointed the former Managing Partner at WaterBridge Ventures, Sarbvir Singh, as its new chief executive officer.
Yashish Dahiya, co-founder and chief executive at PolicyBazaar would now be taking up the strategic and broader group CEO role in the company.
The Softbank-backed company has made a few other changes in its top brass as well. The company has roped in travel operator Yatra’s former Managing Director Sharat Dhall as its new chief operating officer replacing Dhruv Sarin.
Sarin would now be leading international expansion for the company.
According to an Economic Times report, all these appointments are in effect from December last year and Singh will report to Dahiya.
An IIT Delhi and IIM Ahmedabad alumnus, Singh has over 20 years of global experience in venture capital, senior corporate leadership positions, and public markets investing.
Previously, he had also served as the finance head of HomeShop18, and as managing director of Capital18, an investment arm of Network18.
Looking at the financial health of PolicyBazaar, the company had clearly prioritized growth and scale over profitability in the last fiscal.
The Gurugram-based company’s revenue from operations almost doubled in the fiscal year ended in March 2019 to reach Rs 310.3 crore from Rs 158.3 crore it earned in FY18.
The expense sheet of the company saw its net operating cash outflow increase almost 80X from Rs 2.1 crore in FY18 to Rs 167.1 crore in FY19. Losses reached Rs 213.1 crore during the same period, ballooning 22.6X from Rs 9.42 crore in FY18.
Last month, early-stage venture capital firm Inventus Capital had offloaded $25 million worth stake in the Yashish Dahiya-led company through a secondary transaction. Entrackr had exclusively reported on the deal.