PolicyBazaar is India’s most popular and leading aggregator for insurance in the fintech marketplace. Users can compare, buy, and renew insurance policies related to health, life, motor, etc., through its website or app. It also has credit services, which allow its users to take a loan through the PaisaBazaar service.
This platform works as a middleman that brings insurers and customers together with convenient access, a variety of plans, and better pricing. The key source of revenue for PolicyBazaar is through commissions, renewals, and value-added services instead of underwriting policies itself. Apart from these sources, PolicyBazaar also has services for insurance companies to promote their product on its platform.
In FY25, PolicyBazaar parent company PB fintech reported a strong growth in its revenue, premiums, and profits. All this became possible through the rising share of health and life insurance, which improves margins and diversifies business lines.
How is the PolicyBazaar Business Model Structured?
PB fintech, the parent company of PolicyBazaar, operates primarily as an insurance aggregator or broker platform. It often places it as a marketplace where users can compare insurance plans from multiple insurers, then find the right one and complete the purchase. Even when users opt for renewal, PolicyBazaar takes a cut from the insurance company.
This does mean that commission is the primary and key source of revenue for PolicyBazaar. In addition to the core insurance and credit business, PolicyBazaar is building a newer revenue source and services which include PB partners for Agents and Advisor network, PB for Business, which targets corporate and group insurances. Then there are international operations in the UAE, PB pays for payments and fintech services.
| Company/Brand | PB Fintech (PolicyBazaar, Paisa Bazaar) |
| Establishment Year | ~2008 (PolicyBazaar founded in 2008) |
| Headquarters | Gurugram, Haryana, India |
| Founder/Owner | Founded by Yashish Dahiya, Alok Bansal, Avaneesh Nirjar; now PB Fintech is the parent, mixed ownership, public & promoters |
| Industry | Insurance aggregation/brokerage; credit marketplace; fintech services |
| Net Worth (2025) | ₹ 4,977.21 crore in operating revenue for FY25 (up ~45% YoY) |
| Total Revenue 2025 | ₹ 353 crore (up from ~₹ 64 crores in FY24) |
How Does PolicyBazaar Make Money?
As mentioned earlier, multiple PolicyBazaar verticals contribute to making such a big revenue. These diverse sources help in ensuring a steady growth and stability if any vertical is not performing well.
1. Commissions on New Insurance Premiums
Commission is the core of PolicyBazaar’s business strategy. As new users buy a new insurance policy via PolicyBazaar, the insurer pays a commission to PolicyBazaar (broker commission). Based on the type of insurance, the commission is also different. The common insurance types are health, life, motor, etc. The new premium component has been growing strongly, as in FY25, PolicyBazaar’s online new insurance premium increased by 45% YoY.
2. Renewal/Trail Revenue
The recurring source of revenue for PolicyBazaar comes from the renewal of plans. As policies require annual renewal, PolicyBazaar gets to earn trail commissions, which are slightly lower but make a steady income stream. This offers more stable, recurring revenue since renewals happen regularly. The renewal and trial revenue is growing: for example, in the March-ending quarter, renewal/trial revenue ARR was ~₹ 817 crore, up from ~₹ 577 crore a year earlier.
3. Credit Marketplace (PaisaBazaar)
The PaisaBazaar business segment is a credit marketplace where users seeking loans, credit cards, etc., can apply with PaisaBazaar. The platform earns small fees for lead generation, while it takes commissions from lenders or a portion of interest margins. While the credit revenue has seen variability, it remains part of the revenue stream.
4. Financial Assets
PolicyBazaar can earn through other sources that are non-insurance commission-related. These sources are gains from financial assets, treasury income, return on its cash reserves, and more. As PaisaBazaar fintech maintains a large cash balance, there is income from investment, interest, or valuation of financial assets, which contributes to its topline.
5. Value-Added Services and New Initiatives for Agents and Advisor Network
PaisaBazaar has taken a new initiative where they are investing in an Agent and Advisor network called PB partners, Corporate and Group insurance business, and international operations. One additional source of revenue for PB is PB healthcare, which they are currently working on. Many of these business segments may seem like loss-making companies, but they do help in expanding reach and can offer future revenue potential.
Financial Performance
For FY25, the revenue of PB fintech (the parent company of PolicyBazaar and PaisaBazaar) from operations was ₹4,977.21 crore, which was up by approximately 45% from last year. The net profit after tax (PAT) was approximately ₹353 crore, up from 64 crore in FY24.
What’s new in 2025?
PolicyBazaar achieved strong profit growth with its PAT surging 448% YoY. The insurance premium growth was also robust, with gross premiums processed rising by 48% YoY. Renewal businesses (customers returning to renew existing policies) contributed higher recurring revenue, helping stabilize margins and improve predictability.
