Policybazaar, an insurance comparison website run by EtechAces Marketing and Consulting Pvt. Ltd, has turned profitable and is readying itself for an initial public offering (IPO) by the end of 2018, a top company executive said.
The company is also close to raising a pre-IPO (initial public offering) round of about $50 million from new and existing investors, chief executive Yashish Dahiya said in an interview.
The eight-year-old company broke even in November 2016 and expects significant growth in profits on net basis in the year ending 31 March 2018.
According to Dahiya, the company will close the current fiscal with revenue of Rs210 crore and expects to post a profit of Rs50 crore on revenue of about Rs350 crore in the following year.
