PB Fintech Ltd, popularly known as PolicyBazaar, is India's largest online platform for insurance and lending products. The company was incorporated in 2008 and is based in Gurugram, India. It provides an online platform for insurance and lending products by leveraging the power of technology, data, and innovation, and is engaged in providing online marketing, consulting, and technology services to insurer and lending partners.
PB Fintech went public on November 15, 2021, with an issue price of ₹980 per share and a listing price of ₹1,150 per share. The company has a market capitalization of ₹85,984 Crore as of June 10, 2025.
PolicyBazaar is the company's flagship brand and India's leading digital insurance marketplace, holding a 93% market share. It primarily caters to middle-class families in India, offering protection against death, disease, and disability through products like health, term, motor, and travel insurance. As of Q2 FY25, the platform has 86.9 million registered users, 18.3 million active users, and has sold over 46.8 million insurance policies.
Paisabazaar is an independent digital lending platform that enables consumers to compare, choose, and apply for personal credit products. Its platforms serve consumers with varied needs, credit profiles, demographics, employment types, and income levels. The platform enables consumers to compare, choose, and apply for personal credit products, including personal, business, and home loans, as well as credit cards and loans against property.
New initiatives, which include PB Partners, PB For Business, PB UAE, and PB Connect, contributed ₹521 Crore to the company's top line in Q3 FY25, a 1.87X increase YoY. PB Partners, its platform for insurance agents, continues to lead the market in terms of scale and operational efficiency, operating with about 270,000 advisors.
For the full fiscal year FY25, PolicyBazaar's operating revenue increased 33% to ₹4,977 Crore from ₹3,738 Crore in FY24. On a fiscal basis, its net profit spiked 5.5X to ₹353 Crore in FY25 from ₹64 Crore in FY24. The company's revenue has grown at a CAGR of 52% from ₹1,425 Crore in FY22 to ₹4,977 Crore in FY25, with PAT margin moving from -58% in FY22 to 7% in FY25.
PB Fintech recorded a 48.3% year-on-year increase in revenue during Q3 FY25, with revenue increasing to ₹1,292 Crore compared to ₹871 Crore during Q3 FY24. The company reported a 92% jump in its consolidated PAT to ₹72 Crore in Q3 FY25 from ₹37 Crore in the year-ago quarter.
PB Fintech reported a consolidated net profit of ₹50.98 Crore in Q2 FY25 against a loss of ₹21.11 Crore in the year-ago period. On a sequential basis, revenue jumped 15% from ₹1,010.5 Crore in Q1 FY25. The fintech's total insurance premium stood at ₹5,450 Crore in Q2 FY25, up 57% YoY, led by broad-based growth across health and life insurance segments.
Market capitalization stands at ₹83,080 Crore (up 27.4% in 1 year), with revenue of ₹4,977 Crore and profit of ₹353 Crore. The stock is trading at 12.9 times its book value. The P/B ratio is 13.36 times as of June 10, 2025, a 536% premium to its peers' median range of 2.10 times. The P/E ratio is 243.58 times, a 1569% premium to its peers' median range of 14.59 times.
The company is almost debt-free. The closing cash balance was at ₹5,406 Crore. Though the company is reporting repeated profits, it is not paying out dividends.
Total insurance premium for Q3 FY25 was ₹6,135 Crore, up 44% YoY, led by growth in new health & life insurance business, with health growing much faster. Revenue from the insurance business jumped 45% year-on-year to ₹651 Crore in Q3 FY25.
Revenue from the credit business declined 18% YoY to ₹119 Crore in Q3 FY25 due to a slowdown in demand. Credit business has been down 20% YoY in terms of disbursal in the online side of business. However, the secured credit business, which was started in Q2 FY25, is showing growth at ₹2,570 Crore disbursal & ₹24 Crore revenue for the quarter. The core credit business continues to be adjusted EBITDA positive since December 2022.
In June 2025, the company invested ₹10 Crore in PB Pay, a wholly-owned payment aggregator subsidiary with RBI in-principle approval. Earlier this month, the insurtech giant set up a wholly-owned subsidiary PB Healthcare Services Pvt Ltd, marking its entry into the healthcare segment.
PB Fintech continues to strengthen its position as India's leading digital insurance and lending platform, demonstrating consistent profitability and strong market leadership across its core business segments while expanding into new growth areas.
