PolicyBazaar’s scale crosses Rs 2,500 Cr in FY23, losses shrink 41%


Online insurance aggregator and brokerage platform PolicyBazaar has demonstrated a strong growth during the last two financial years: FY22 and FY23 as the firm registered nearly three-fold growth in its topline to Rs 2,558 crore in FY23 from Rs 886 crore in FY21.

Unlike last fiscal year (FY22) where its losses shot up over five folds, it managed to improve its bottomline significantly.

During FY23, PolicyBazaar’s revenue from operations surged 79.5% to Rs 2,558 crore as compared to Rs 1,425 crore in FY22, as per the company’s consolidated annual financial statement reviewed by Entrackr.


Coming to its collections, PolicyBazaar made around 50% of its operating revenue from insurance web aggregator services during FY23. These collections surged 60.6% to Rs 1,268 crore in FY23 from Rs 789.5 crore in FY22. 

The remaining operating income came from other services which stood at Rs 1,290 crore in FY23. It also earned Rs 259 crore from non-operational activities which pushed its overall revenue up by 81.7% to Rs 2,817 crore in FY23.

On a quarterly basis, PolicyBazaar’s scale grew 42.5% to Rs 869 crore during the Q4 of FY23 from Rs 610 crore in Q3 of the same fiscal year. Importantly, its losses reduced by 89.4% to Rs 9.3 crore in Q4 as compared to Rs 87.6 crore during the Q3 FY23.

Employee benefits accounted for 46.6% of the total expenses which increased 22.6% to Rs 1,539 crore in FY23 from Rs 1,255 crore in FY22. Advertising-promotion was another major cost and inclined 57% to Rs 1,357 crore during the year from Rs 864 crore in FY22.


Further, network and internet expenses spiked 39.3% to Rs 96.8 crore during FY23 from Rs 69.5 crore in the preceding fiscal year. At the end, PolicyBazaar’s total annual expenditure surged 38.6% to Rs 3,304 crore in FY23.

Despite a 38% surge in expenses, PolicyBazaar managed to control its losses which dwindled 41.4% to Rs 488 crore during FY23 against Rs 833 crore in FY22. The company’s cash outflolws from operations also improved by 81% to Rs 299 crore during FY23.

Its EBITDA margin and ROCE improved to -14.30% and -8.18% respectively which could be attributed to the flourished revenue growth. On a unit level, PolicyBazaar spent Rs 1.29 to earn a rupee of operating income.


PolicyBazaar, which listed on stock exchange in November 2021, also claims that it has turned break even at operating level for the fourth quarter of FY23.

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