PolicyBazaar looks to create 2,500 jobs this year, eyes Rs 1,500 crore in revenues by 2020
Online insurance aggregator PolicyBazaar, the latest to join the unicorn club, on Tuesday announced that it will be creating 2,500 new job vacancies in FY19, taking its total employee strength to 6,000 people.
The new vacancies will be mainly in the customer support function, where it expects to add 2,200 roles, while the rest of the jobs will be distributed across corporate and tech functions. The new employees in the customer support function will be expected to advise and help consumers in understanding various insurance products such as life, health and motor, and managing their buying experience.
This news comes a week after the company raised more than $200 million in Series F funding led by SoftBank Vision Fund. Existing investor Info Edge (India) Ltd, the parent company of jobs portal Naukri.com, also participated in the funding round.
At present, the company is working towards launching its telemedicine platform Docsprime. In an earlier interaction with YourStory, Yashish Dahiya, Co-founder and CEO, PolicyBazaar.com, said the group has earmarked $100 million in investment for the new venture.
The company is now in its 10th year. Yashish said,
“We always believed in doing things at the right time to stay ahead in the highly competitive market. During these last 10 years, our passion for technology, commitment of each individual employee, and their distinctive competencies has been the driving force to build a successful venture. We are hopeful for a similar success and dedication by the employees in the new ventures of the Group.”
Alok Bansal, Co-Founder and CFO, Policybazaar.com, said,
“Over the years we have acquired a huge customer base having unique needs. This presents a challenge and an opportunity for us because sustaining the momentum will be a critical factor for fuelling further growth for us and we clearly appreciate that customer acquisition and retention will be based on solving their problems quickly and efficiently.”
The company is also looking to underwrite premium worth Rs 10,000 crore, and increase its revenues to Rs 1,500 crore by 2020. It said it is also looking to increase its unique customer base to a crore at the same time.
At present, the company boasts of 100 million visitors run rate annually, with a record sale of nearly 3,00,000 transactions a month.
Apart from SoftBank, the company boasts of an impressive investor lineup including InfoEdge (Naukri.com), Temasek, Tiger Global Management, True North, Premji Invest, besides investments from other PE funds and family offices.