PB Fintech
Leading the
digital insurance
and credit
marketplace
Nitin Aggarwal
nitin.aggarwal@MotilalOswal.com
Himanshu Taluja
himanshu.taluja@MotilalOswal.com
Yash Agarwal
1
yash.agarwal@MotilalOswal.com
October 2021
 Motilal Oswal Financial Services
Content
Pg 3
PB Fintech -
Leading the
digital insurance
and credit
marketplace
Pg 5
Pg 6
Business model
– provides full
bouquet of
insurance and
credit products
Pg 13
PB Fintech:
Revenue mix
healthy;
profitability
showing
improvement
Pg 17
PB Fintech:
Financial
statements,
DuPont, and key
business metrics
Pg 18
Key milestones
Investment
arguments and
growth drivers
Pg 19
Pg 21
Pg 32
Pg 39
Pg 44
Pg 47
SWOT analysis –
PB Fintech
Policybazaar
Paisabazaar
Peer and Global
Comparison
Valuations
Key risks
2
October 2021
 Motilal Oswal Financial Services
PB Fintech - Leading the digital insurance and credit marketplace
PB Fintech
commenced operations in FY08 initially as an insurance web aggregator. Subsequently, it entered the credit market to
provide convenient access to insurance, credit, and other financial products. In addition to creating a distribution channel, it also
provides online marketing, consulting, and support services for the Financial Services industry, and follows an asset-light capital
strategy without undertaking any insurance or credit risk on its books.
The company has been successful in building India’s largest online marketplace
for insurance and lending products, leveraging the
power of technology, data, and innovation. The company offers online research-based purchases of insurance and lending products. It
further facilitates partners to innovate and design customized products for consumers by leveraging extensive data insights.
Policybazaar – the flagship platform –
caters to consumer demand for higher awareness, choice, and transparency towards the online
sale of insurance products. It has thus evolved as
India’s largest digital insurance marketplace, with market share of 93.4% (based on
the number of policies sold);
it constituted 65.3% of the digital insurance sales in India by volume as of FY20. It has partnered with ~51
insurers, and ~48m consumers have registered on its platform.
The company has sold ~19.2m policies on its platform and has ~9.6m unique transacting customers. It reported 126.5m annual
visits on its website in FY21.
In Jun’21, the company received the Brokers License, which would allow it to target offline and corporate businesses as well.
Paisabazaar is the largest digital consumer credit marketplace,
with
market share of 51.4% on the basis of disbursals.
It began its
operations in FY14 with the goal to transform personal credit access by offering ease, convenience, and transparency in selecting a
variety of consumer credit products. It is widely used to access credit scores, with ~21.5m consumers as of Mar’21. It has partnered
with ~54 lenders across banks, NBFCs, and fintechs offering a wide choice of consumer credit products, such as personal loans,
business loans, credit cards, home loans, and LAP.
3
October 2021
 Motilal Oswal Financial Services
Company Structure
PB Fintech
(To be listed)
Key operating
Subsidiaries
Policybazaar
STAKE
100%
Paisabazaar
100%
PB Fintech (Marketing
and Consulting)
100%
Others
100%
October 2021
 Motilal Oswal Financial Services
Key milestones
2008
2010
2008
Info Edge invests USD4m
Incorporation
Commences health
insurance related activities
Registers Paisabazaar as investment
adviser with SEBI
2012
2015
Builds in-house actuarial
analytics team in respect of retail
customer sales
Registers one of the subsidiaries as insurance web aggregator
with IRDAI
2018
2021
2018
2018
Achieves USD1b valuation mark
with Series F investment
Commences
operations in UAE
through PFFL
Registers Policybazaar
as insurance broker
with IRDAI
October 2021
 Motilal Oswal Financial Services
Business model – provides full bouquet of insurance and credit products
Policybazaar
Primarily generates revenues from
(i)
Insurance commissions
– commissions
earned on the solicitation of insurance
products/policies based on the
percentage of premiums originated by
them
Paisebazaar
Primarily generates revenues from
(i)
Commissions on online aggregation
commissions earned from the sale of
financial products based on a
percentage of loan disbursals or a
fixed fee in the case of credit cards
PB Fintech
Primarily generates revenues from
(i)
Online marketing and
consulting services
– provided
to insurer and lending partner
for types of services provided
(ii) Outsourcing services
– services
provided to insurers in relation to
activities outsourced by them, such as
telemarketing, sales and post-sales
services, account management,
premium collection, etc.
(iii) Rewards
– earned from insurance
partners, generally based on volume
and quality
(ii) Online marketing and consulting
services
– includes bulk emailers,
advertisement banners on its
website, and credit score advisory
services
(iii) Sale of leads
– Revenue from the sale
of lead information of potential
customers to banks, etc.
(ii) IT support services
– services
related to IT applications and
solutions, such as enhancing the
tech capability, and digitizing
and enhancing the platforms
6
October 2021
 Motilal Oswal Financial Services
Life Insurance: Share of web aggregators on the rise
Market share of web aggregators at 0.3% of total private NBP
Web aggregators - Total Private NBP
Web aggregators - Total NBP
0.3%
0.2%
0.1%
0.0%
FY17
0.1%
0.1%
0.1%
0.1%
0.1%
FY20
Source: MOFSL, Company
FY17
0.3%
0.3%
Market share of web aggregators at 0.5% of individual private NBP
Web aggregators - Ind Private NBP
Web aggregators - Ind Total NBP
0.5%
0.2%
0.1%
FY18
0.2%
0.0%
FY18
FY19
FY19
FY20
Source: MOFSL, Company
Market share of brokers stable at ~3.5% for past few years
Brokers - Total Private NBP
3.5%
3.5%
3.6%
Brokers - Total NBP
3.5%
3.5%
Broker’s market share at 3.4% of individual private NBP
Brokers - Ind Private NBP
3.7%
3.0%
1.6%
1.3%
2.9%
1.3%
3.0%
1.4%
Brokers - Ind Total NBP
3.4%
1.7%
1.0%
1.0%
1.1%
1.2%
1.1%
FY16
FY17
FY18
FY19
FY20
FY16
FY17
FY18
FY19
FY20
Source: MOFSL, Company
Source: MOFSL, Company
7
October 2021
 Motilal Oswal Financial Services
Non-Life Insurance: Share of web aggregators and brokers remains healthy
Brokers’ market share healthy at ~23%
Brokers
Market share of web aggregators increases to 1% over FY20
Web aggregators
27.8%
24.4%
FY16
FY17
25.2%
22.3%
FY18
FY19
23.3%
FY20
0.1%
FY16
1.0%
0.2%
FY17
0.5%
FY18
0.7%
FY19
FY20
Source: MOFSL, Company RHP
Source: MOFSL, Company RHP
The market share of digital insurance policies has been growing on the back of rapid growth in web aggregators. As
per the IRDAI, the number of web aggregator platforms had increased to over 21 up to Jun’21 from 11 in 2013.
Digital Life / Health Insurance has expanded ~3x/1.3x the industry’s growth rate. The share of web aggregators
within digital insurance has been constantly increasing and now originates 30–40% of the total digital insurance.
Online first and direct-to-customer insurers such as
Digit and Acko have scaled to 3.5%/~2% market share in
Motor/Total General insurance premiums.
These insurers have focused on high levels of digitization (in underwriting
as well as claims) to achieve faster breakeven, with
Digit already reducing its combined ratio to 117% within three
years of operations.
Growth in protection products, such as Health and Term Life, is being driven by digital distribution.
8
October 2021
 Motilal Oswal Financial Services
Significant underpenetration provides structural growth opportunity
Premiums via the online channel stand much
lower at 1% for India v/s 5.5% for China and
13.3% for the US.
Penetration levels remain the lowest for India across most segments
2020
Gross National Savings as % of GDP
People with trading account as % of population
Life insurance penetration (Sum Assured as % of GDP)
Non-life insurance penetration (Premium as % of GDP)
As % of population with no insurance (Non Life)
Premium via Online Channel (USD b)
% of total premium
India
29.4%
3.0%
24.6%
1.0%
72.3%
1.0
1.0%
US
17.8%
36.3%
265.0%
6.5%
10.9%
208.0
13.3%
China
45.7%
11.8%
95.4%
2.1%
35.0%
35.5
5.5%
The rise in urban population and rapid digital
adoption, aided by a rise in smartphone users,
would drive incremental growth.
For Non-Life Insurance, GWP as % of GDP for
India stands at ~1% v/s the global avg of 2.8%,
thereby providing significant growth
opportunities.
Improving financial literacy – as 72% of the
population still does not have insurance –
would drive growth, providing a long-term
structural opportunity.
Digital penetration remains far lower in India…
2020
Internet Penetration
Smartphone Penetration
Payment Wallets Penetration
Online Shopping Penetration
India
45%
39%
14%
14%
US
90%
82%
28%
77%
China
65%
63%
59%
54%
…expect it to improve significantly over the next decade
Penetration of India
Internet Penetration
Smartphone Penetration
Payment Wallets Penetration
Online Shopping Penetration
2020
45%
39%
14%
14%
2025
63%
57%
23%
22%
2030
75%
72%
38%
36%
9
October 2021
 Motilal Oswal Financial Services
Industry to grow multi-fold over the next decade
Sum assured as a percentage of GDP for India is among the lowest at 25%, while the protection gap is among the highest at
83%.
Healthcare expenditure per person is significantly lower at 5.5k, with ~63% of health expenses being met out of pocket. Only
10% is financed by health insurance.
The overall Insurance industry is expected to see an ~18% CAGR over FY20–30, within which Life Insurance is expected to grow
at ~19% and Non-Life Insurance at ~14%.
Within Non-Life, Health Insurance is expected to see a ~15% CAGR and Motor a ~14% CAGR.
As per a CRISIL report, total GWP for non-life insurers is expected to grow to USD7t by 2025.
Insurance industry to grow multifold over next decade, with Life/Non-Life to see 19%/14% CAGR (INRt)
Life
Non Life
7.1
Health
Motor
Others
2.5
2.6
2.0
3.3
1.9
5.7
2020
11.5
2025P
31.9
0.6
0.7
0.6
2030P
Source: DRHP
2020
2030P
Source: DRHP
10
October 2021
 Motilal Oswal Financial Services
Significant underpenetration provides long-term growth opportunity
Sum assured as % of GDP stands among lowest at 25%...
Sum Assured as % of GDP
…while protection gap stands highest at 83%
Protection Gap (%)
273%
Singapore
265%
USA
252%
Japan
142%
Malaysia
131%
South
Korea
113%
Thailand
95%
China
25%
India
83%
India
71%
Thailand
70%
China
61%
Japan
55%
54%
48%
USA
41%
Hong
Kong
Source: DRHP
Singapore Australia
Source: DRHP
Healthcare expenditure per person significantly lower at 5.5k…
Health Exp per capital (INRk)
…with 63% of health expenses being met out of pocket
Out of pockedt health spends (%)
83.3
USA
63.6
Brasil
37.6
China
32.0
20.7
11.4
8.4
5.5
India
63%
India
35%
Indonesia
28%
China
17%
UK
11%
USA
Source: DRHP,
Malaysia Thailand Vietnam Indonesia
Source: DRHP
11
October 2021
 Motilal Oswal Financial Services
Industry to grow multi-fold over the next decade
The penetration of consumer loans stands much lower at
16.7% v/s 80% in the US and 56% in China. Furthermore,
digital consumer lending disbursals form 22% of the total
v/s 56% in the US.
Penetration level remains lowest for India across most segments
2020
Active credit cards as % of population
Active debit cards as % of population
People with no credit score as % of population
Consumer loans outstanding as % of GDP
Credit card lending as % of GDP
Housing credit outstanding as % of GDP
Retail mutual fund (AUM as % of GDP)
Digital Consumer Lending Market Disbursals (USD b)
% of total consumer lending Disbursals
India
4.5%
65.1%
78.3%
16.7%
0.5%
10.4%
8.1%
39
21.8%
US
China
137.3% 54.1%
79.8% 512.7%
41.0% 29.1%
79.2% 55.6%
14.7% 51.9%
57.8% 41.2%
70.2% 34.9%
3,358
2,270
55.9% 25.6%
Source: DRHP
Improving financial literacy and rising Internet penetration
would support growth in online credit platforms.
Consumer credit loans are expected to grow at a steady
state over FY20–30. This would be led by credit cards and
personal loans – likely to see a ~19% and ~12% CAGR,
respectively, over this period.
Consumer loans to see robust traction over decade (INRt)
Personal Loans
Home Loans
Credit Card Loans
44.1
29.5
20.4
5.1
1.4
2020
5.8
8.9
3.3
2025P
7.3
15.9
Others
Disbursals to grow multi-fold over next decade (INRt)
Personal Loans
Credit Card Loans
13.3
8.0
3.5
1.0
6.8
8.0 10.0
3.6
2030P
2020
2025P
2030P
12
October 2021
 Motilal Oswal Financial Services
PB Fintech: Revenue mix healthy; profitability showing improvement
It saw a total revenue CAGR of ~34% over FY19–21, led by insurance web aggregator services, which grew ~40% over FY19–21.
Insurance web aggregator services thus form 68.5% of total revenues.
Overall,
commission income (both Policybazaar and
Paisabazaar) constitutes ~36% of total revenues, while fees from outsourcing/consulting form 52%.
PAT mix – FY21:
PB Fintech reported loss of INR1.5b in FY21. Within this, Policybazaar reported loss of INR1.76b, while Paisabazaar
posted profit of INR136m (after reporting losses in previous years). The
contribution margin
thus
expanded sharply to 39.8% in FY21.
Key Stats (INR m)
Revenue from Operations
- Policybazaar
- Paisabazaar
- Other Services
PAT
- Policybazaar
- Paisabazaar
- Others
Contribution Profit
Contribution profit margin (%)
Adjusted EBITDA
Adjusted EBITDA Margin (%)
FY19
4,922
3,103
1,547
273
(3,468)
(2,131)
(971)
(366)
422
8.6
(2,855)
(58.0)
FY20
7,713
5,159
2,262
292
(3,040)
(2,182)
(1,012)
153
1,053
13.7
(3,032)
(39.3)
FY21
8,867
6,069
1,883
914
(1,502)
(1,758)
136
120
3,530
39.8
(615)
(6.9)
13
October 2021
 Motilal Oswal Financial Services
PB Fintech: Healthy mix of commissions and fee income
Operating revenue sees 34% CAGR over FY19-21
Revenue from operations (INRm)
57%
% Growth (YoY)
Insurance business comprises ~69% of total operating revenues
Insurance web aggregator services
37.0%
33.1%
Other Services
31.5%
15%
4,922
FY19
7,713
FY20
8,867
FY21
Source: MOFSL, Company
63.0%
66.9%
68.5%
FY19
FY20
FY21
Source: MOFSL, Company
Revenue mix: Commission income declines over FY21 on
moderation in credit disbursals
Commission
15.9%
39.8%
Outsourcing services
Rewards/Others
12.0%
52.2%
Contribution margin expands sharply to ~40% in FY21
Contribution Profit (INRm)
Contribution Margins (%)
39.8%
13.1%
40.5%
8.6%
13.7%
44.4%
FY19
46.4%
FY20
35.7%
422
FY21
Source: MOFSL, Company
FY19
1,053
FY20
3,530
FY21
Source: MOFSL, Company
14
October 2021
 Motilal Oswal Financial Services
PB Fintech: Cost ratio moderates, driving improvement in core profitability
Opex sees modest 13% CAGR over FY19-21
Total Opex (INRm)
162%
133%
114%
51%
34%
8,588
FY19
11,385
FY20
10,878
FY21
Source: MOFSL, Company
Source: MOFSL, Company
C/I Ratio (%)
Staff expenses, marketing costs form the bulk of opex
4%
3% 3%
Staff Cost
Advertisement and
promotion
Network and Internet
charges
Depreciation
Payment gateway
charges
Other expenses
5%
Marketing costs see modest 3% CAGR over FY19-21
Adv & promotion costs (INRm)
29%
3,678
% Growth (YoY)
Opex & marketing costs as % of revenue see constant
decline; moderate to 123%/42% v/s 175%/70% in FY19
Opex as % of revenue
174.5%
Adv & Promotion cost as % of revenue
147.6%
122.7%
70.3%
57.7%
41.5%
3,459
FY19
4,452
FY20
-17%
FY21
Source: MOFSL, Company
FY19
FY20
FY21
Source: MOFSL, Company
15
October 2021
 Motilal Oswal Financial Services
PB Fintech: Contribution profit expands sharply
The contribution margin is a key metric to evaluate operating performance
as it factors in the direct costs of
operating the businesses. It is calculated as revenue from operations less direct expenses pertaining to employee
benefits and advertisement and promotional costs.
The contribution margin expanded sharply to 39.8% v/s 8.6% in FY19.
INR m
Revenue from operations
Less:
(-) Employee benefit expenses
(-) Advertisement and promotion cost
Contribution profit
2,431
2,069
422
3,479
3,181
1,053
3,091
2,246
3,625
FY19
4,922
FY20
7,713
FY21
8,867
Contribution Margin (%)
8.6%
13.7%
39.8%
16
October 2021
 Motilal Oswal Financial Services
PB Fintech: Financial statements, DuPont, and key business metrics
Income Statement (Y/E March) – INR m
Insurance web aggregator services
Growth (%)
Other Services
Growth (%)
Revenue from operations
Growth (%)
Other Income
Total Income
Growth (%)
Operating Expenses
EBITDA
Contribution Profit
PBT
Tax
PAT
DuPont (As % revenue)
Insurance web aggregator services
Other Services
Revenue from operations
Other Income
Total Income
Operating Expenses
EBITDA
PBT
Tax
PAT
FY19
3,103
1,819
4,922
366
5,288
8,588
-3,361
422
-3,374
94
-3,468
FY19
63.0
37.0
100.0
7.4
107.4
174.5
-68.3
-68.5
1.9
-70.5
FY20
5,159
66.3
2,554
40.4
7,713
56.7
843
8,556
61.8
11,385
-3,199
1,053
-2,948
92
-3,040
FY20
66.9
33.1
100.0
10.9
110.9
147.6
-41.5
-38.2
1.2
-39.4
FY21
6,069
17.6
2,797
9.5
8,867
15.0
708
9,574
11.9
10,878
-1,598
3,530
-1,419
83
-1,502
FY21
68.5
31.5
100.0
8.0
108.0
122.7
-18.0
-16.0
0.9
-16.9
Balance Sheet (Y/E March) – INR m
Share Capital
Reserves & Surplus
Net Worth
Lease liabilities
Trade payables
Other Liabilities & Prov.
Total Liabilities
Cash & Bank Balances
Investments
Trade Receivables
Fixed Assets
Current Tax Assets
Other Assets
Total Assets
Business Metrics (Y/E March) – INR m
New business premium
Renewal premium
Total Premium
Growth (%)
New business premium Mix
Renewal premium Mix
No of policies sold (Nos. in Mn)
Disbursals (INRm)
Total Premium per advisor (INRm)
New Business Premium per advisor (INRm)
Cost/Income (%)
EBITDA Margin (%)
Adjusted EBITDA Margin (%)
Contribution Margins (%)
FY19
9
4,894
4,903
887
1,110
614
7,514
2,674
1,252
1,313
1,189
817
269
7,514
FY19
17,187
5,967
23,154
74.2
25.8
3.0
51,015
6.3
4.6
174.5
-68.3
-58.0
8.6
FY20
11
12,647
12,658
1,084
1,179
838
15,760
11,056
20
1,788
1,473
1,117
305
15,760
FY20
26,404
11,182
37,586
62.3
70.2
29.8
5.9
65,496
8.5
6.0
147.6
-41.5
-39.3
13.7
FY21
12
19,905
19,917
1,087
1,019
1,284
23,307
18,102
1,378
1,729
1,248
550
302
23,307
FY21
27,429
19,584
47,013
25.1
58.3
41.7
7.2
29,168
14.1
8.2
122.7
-18.0
-6.9
39.8
17
October 2021
 Motilal Oswal Financial Services
Investment arguments and growth drivers
Strong brand recall; healthy mix of repeat customers:
PB Fintech maintains dominant market share and a strong brand recall
among the customers. As a result, it has become the preferred destination for comparing/exploring financial products. This has
enabled it to acquire a large customer base and superior product offerings enabled it to attract repeat business from existing
customers.
Low penetration provides long-term structural growth opportunity:
The sum assured as % of GDP remains far lower in India at
25% for Life Insurance, with a protection gap of 83%. Non-Life Insurance penetration also remains low at ~1% v/s the global
average of 2.8%. Within consumer loans, penetration stands at 16.7% v/s 80% in the US and 56% in China. Furthermore,
premiums via the online channel stand much lower at 1% for India v/s 5.5% in China and 13.3% in the US. We believe that lower
penetration, along with the adoption of digital channels, would be the key growth driver over the medium term.
Rising awareness about insurance products:
We believe COVID-19 has created an awareness among consumers about the
importance and need for having insurance. Thus, increasing consumer demand/awareness for insurance products, particularly
term and health, which are easier to sell, would likely support the growth momentum over the medium term.
COVID-19 accelerates adoption of digital channels:
India’s active
Internet user base is expected to increase to ~900m in FY26
from 400–450m in FY21,
while Internet/smartphone penetration is likely to increase to 75%/72% by FY30 (v/s 45%/39% in
FY21). COVID-19 has further accelerated the adoption of the digital channel, which augurs well for online marketplace leaders
such as PB Fintech.
Insurance Brokers License to propel growth:
Policybazaar acquired the Insurance Brokers License in Jun’21, which would aid in
providing in-person customer engagement and services through the physical offices. It would also look to garner group
businesses to develop relationships with corporates/SMEs. The company plans to open up ~200 physical outlets by FY24
(currently 15), which would aid in expanding the sources of premium income.
18
October 2021
 Motilal Oswal Financial Services
SWOT analysis – PB Fintech
S
W
O
T
STRENGTHS
Leading player in online insurance distribution
Developed
itself as provider of wide
range of insurance and consumer credit products
Customer-friendly interface to compare products across insurers enables selection of best-suited products
Strong brand recall in customers
Approval of Brokers License would enable the undertaking of group/corporate businesses
WEAKNESSES
Slow traction in selling traditional PAR and Non-PAR policies as this involves a higher understanding of the
product and discussions with the customer
Dependence on tie-ups with partners; could negotiate on commission rates / fees charged
OPPORTUNITIES
Increasing Internet user base and changing consumer preferences towards digital channel
Significantly underpenetrated market provides long-term growth opportunities
COVID-19 has increased awareness for buying insurance
THREATS
Rising competition from other digital players / fintechs, particularly in non-life insurance and consumer
credit
Many insurance companies are focusing on scaling their online digital channels, which poses a risk
Continuity of partnerships remains a key risk as few partners recently discontinued selling their products
Any adverse regulatory changes could pose a major threat to the business
19
October 2021
 Motilal Oswal Financial Services
IPO details and utilization of funds
About the offer
The total offer stands at INR60.2b, with a fresh issue of INR37.5b and
offer for sale of INR22.7b.
List of Shareholders
Makesense Technologies Limited
SVF Python II (Cayman) Limited
Tencent Cloud Europe B.V.
SVF India Holdings (Cayman) Limited
Claymore Investment (Mauritius) Pte Ltd
Etechaces Employees Stock Option Plan Trust
Tiger Global Eight Holdings
Diphda Internet Services Limited
Mr. Yashish Dahiya
PI Opportunities Fund – II
Internet Fund III Pte Limited
Falcon Q LP
Steadview Capital Mauritius Limited
True North Fund VI LLP
Startup Investments (Holding) Limited
Ithan Creek MB
Inventus Capital Partners Fund II, Limited
Mr. Alok Bansal
ABG Capital
Alpha Wave Incubation LP
% Share
14.56
9.45
9.16
6.31
6.26
5.48
4.63
4.59
4.27
3.78
3.14
2.82
2.39
2.3
2.11
1.83
1.57
1.45
1.07
1.05
Among the selling shareholders, Softbank, under the name of SVF Python
II (Cayman) Limited, is offering INR18.8b, while the founder and their
families are offering INR3.9b.
Utilization of proceeds
The company plans to use INR15b to meet the marketing expenditure for
enhancing brand visibility and awareness.
The company plans to undertake offline expansion and open 200 centers,
for which it plans to use INR3.8b.
It further plans to use INR6b to fund strategic investments and
acquisitions. It is also planning overseas expansion (Middle East), for
which it plans to use another INR3.8b.
The balance amount would be used for general corporate purposes.
20
October 2021
 Motilal Oswal Financial Services
October 2021
Policybazaar
21
October 2021
 Motilal Oswal Financial Services
Policybazaar: Largest insurance web aggregator; Brokers License to propel growth
India’s largest digital insurance marketplace:
Policybazaar is India’s largest digital insurance
marketplace, with dominant market share of 93.4% (basis policies sold); it constituted 65.3% of
the total digital insurance sales in India by volume as of FY20. In Jun’21, the company received
the Insurance Brokers License, which would allow it to provide in-person customer engagement
and undertake group/corporate business, in addition to the online business.
Key metrics
Details
Registered customer base
Unique customer base
Total Policies Sold
Annual visits
Market Share (Digital players)
Market share (Digital Sales)
Self origination
Commission Rate
Sum Assured
FY21
Premium Generated
New Business Premium
No of policies sold
Revenue
PBT
Net Profit
INR47b
Key Stats
~48m
~9.6m
~19.2m
126.5m
93.4%
Strong partner tie-ups and Brokers License to further propel growth:
Policybazaar has
partnered with ~51 insurers offering over 340 term, health, motor, home, and travel insurance
products on its platform.
65.4%
83%
5.5%
INR7t
Superior acquisition capabilities and strong customer base:
As of Mar’21, Policybazaar had
~48m consumers registered on its platform. The company has sold ~19.2m policies on its
platform and has ~9.6m unique transacting customers. In FY21, the company reported 126.5m
annual visits on its website. Furthermore, 83% of the premiums sourced in FY21 were through
consumers who visited the Policybazaar’s platform directly or via direct online brand search.
Digital capabilities and high renewal provide superior unit economics:
In FY21, ~3.7m policies,
representing 80.4% of the new policies, were sold with minimal human assistance.
Furthermore, the company significantly benefits from repeat purchases in the Health Insurance
and Motor Insurance segments. This provides the ability to write incremental business with
minimum additional spends, resulting in superior unit economics.
INR27.4b
7.2m
INR6.07b
Loss of
INR1.76b
Loss of
INR1.76b
22
October 2021
 Motilal Oswal Financial Services
Life Insurance: Share of web aggregators increasing; Broker share stable
Market share of web aggregators at 0.3% of total private NBP
Web aggregators - Total Private NBP
Web aggregators - Total NBP
0.3%
0.2%
0.1%
0.0%
FY17
0.1%
0.1%
0.1%
0.1%
0.1%
FY20
Source: MOFSL, Company
FY17
0.3%
0.3%
Market share of web aggregators at 0.5% of individual private NBP
Web aggregators - Ind Private NBP
Web aggregators - Ind Total NBP
0.5%
0.2%
0.1%
FY18
0.2%
0.0%
FY18
FY19
FY19
FY20
Source: MOFSL, Company
Market share of brokers stable at ~3.5% for past few years
Brokers - Total Private NBP
3.5%
3.5%
3.6%
Brokers - Total NBP
3.5%
3.5%
Brokers’ market share at 3.4% of individual private NBP
Brokers - Ind Private NBP
3.7%
3.0%
1.6%
1.3%
2.9%
1.3%
3.0%
1.4%
Brokers - Ind Total NBP
3.4%
1.7%
1.0%
1.0%
1.1%
1.2%
1.1%
FY16
FY17
FY18
FY19
FY20
Source: MOFSL, Company
FY16
FY17
FY18
FY19
FY20
Source: MOFSL, Company
23
October 2021
 Motilal Oswal Financial Services
Non-Life Insurance: Share of web aggregators/brokers healthy; steady repeat business across key products
Brokers’ market share healthy at ~23%
Brokers
Share of web aggregators increases to 1% over FY20
Web aggregators
27.8%
24.4%
FY16
FY17
25.2%
22.3%
FY18
FY19
1.0%
23.3%
0.1%
FY20
FY16
Source: MOFSL, Company RHP
0.2%
FY17
0.5%
FY18
0.7%
FY19
FY20
Source: MOFSL, Company RHP
Health insurance premium by cohorts – 5.9x over FY14
Motor insurance premium by cohorts – 3.4x over FY14
Source: MOFSL, Company RHP
Source: MOFSL, Company RHP
24
October 2021
 Motilal Oswal Financial Services
Policybazaar: Healthy mix of commissions and fee income
Insurance business sees 40% revenue CAGR over FY19-21
Revenue from operations (INRm)
66%
% Growth (YoY)
Outsourcing services contribute 49%, while commission
income forms 43% of revenues
Commission
8.6%
48.9%
Outsourcing services
8.9%
49.8%
Rewards/Others
8.0%
49.3%
18%
3,103
FY19
5,159
FY20
6,069
FY21
Source: MOFSL, Company
42.4%
FY19
41.4%
FY20
42.7%
FY21
Source: MOFSL, NSE
40% CAGR in commission income over FY19-21
Insurance Commission (INRm)
62%
40% revenue CAGR from outsourcing services
Outsourcing services (INRm)
69%
% Growth (YoY)
% Growth (YoY)
21%
1,317
FY19
2,134
FY20
2,591
FY21
Source: MOFSL, Company
1,518
FY19
2,568
FY20
17%
2,994
FY21
Source: MOFSL, Company
25
October 2021
 Motilal Oswal Financial Services
Policybazaar: Strong traction in NBP; no of policies sold up 2.4x over FY19-21
New Business Premium CAGR at 26% over FY19-21
New business premium (INRm)
54%
% Growth (YoY)
Renewal Premium CAGR robust at 81% over FY19-21
Renewal premium (INRm)
87%
19,584
% Growth (YoY)
27,429
17,187
FY19
26,404
FY20
4%
5,967
FY21
Source: MOFSL, Company
FY19
75%
11,182
FY20
FY21
Source: MOFSL, Company
Mix of NBP moderates to 58%, impacted by COVID-19
New business premium
25.8%
29.8%
Renewal premium
Number of policies sold up 2.4x to 7.2m over FY19-21
No of policies sold (Nos in Mn)
% Growth (YoY)
41.7%
97%
7.2
74.2%
70.2%
58.3%
3.0
FY19
22%
5.9
FY20
FY21
Source: MOFSL, Company
FY19
FY20
FY21
Source: MOFSL, Company
26
October 2021
 Motilal Oswal Financial Services
Policybazaar: Cost ratios showing gradual improvement
Opex CAGR at 23% over FY19-21
Total Opex (INRm)
168%
140%
127%
C/I Ratio (%)
4%
4% 6%
41%
Staff expenses, marketing costs form the bulk of opex
Staff Cost
Advertisement and
promotion
Network and Internet
charges
Payment gateway
charges
Depreciation
Other expenses
Source: MOFSL, Company
5%
5,243
FY19
7,263
FY20
7,878
FY21
Source: MOFSL, Company
40%
Marketing costs CAGR at 23% over FY19-21
Adv & promotion costs (INRm)
34%
% Growth (YoY)
Opex / Marketing costs as % of revenue seeing constant
decline; moderates to 130%/51% v/s 169%/67% in FY19
Opex as % of revenue
169.0%
Adv & Promotion cost as % of revenue
140.8%
66.8%
53.9%
129.8%
51.5%
12%
2,072
FY19
2,779
FY20
3,123
FY21
Source: MOFSL, Company
FY19
FY20
FY21
Source: MOFSL, Company
27
October 2021
 Motilal Oswal Financial Services
Policybazaar: Improving productivity; commission rate stands at ~5.5%
Total sum assured stands at INR7t as of FY21
Life
Non Life
2.4
0.9
0.7
2.9
FY19
3.9
4.6
Improving productivity – premium per advisor almost doubles
Total Prem per advisor (INRm)
NBP per advisor (INRm)
FY20
FY21
Source: MOFSL, Company
FY19
FY20
FY21
Source: MOFSL, Company
Overall blended commission rate stands at ~5.5%
Commission rates (%)
PAT trend for past few years
PAT (INRm)
5.7
5.7
5.5
(2,131)
FY19
(2,182)
FY20
(1,758)
FY19
FY20
FY21
Source: MOFSL, Company
FY21
Source: MOFSL, Company
28
October 2021
 Motilal Oswal Financial Services
Policybazaar: Concentration of top insurers remains high in Life Insurance sector
Top 5 life insurers contribute ~96% to commission income in FY21
4%
4%
37%
19%
Top 5 general insurers contribute ~52% to commission income in FY21
Star Health
13%
43%
12%
12%
5%
6%
10%
HDFC Ergo
Niva Bupa (Earlier Max)
Care Health
New India Assurance
Oriental Insurance
Others
Tata AIA
Max Life
ICICI Pru
HDFC Life
PNB Met Life
6%
31%
Others
Source: MOFSL, Company
Others
65
-
33
-
-
-
-
0
-
-
-
98
Income Breakup across major life insurers
FY21 (INR m)
Tata AIA
Max Life
ICICI Prudential
HDFC Standard
PNB Met Life
Canara HSBC OBC
Aegon Religare
SBI Life
Bajaj Allianz
Edelweiss Tokio
Others
Total
Commission
319
266
162
51
39
15
10
4
-
0
2
867
Income breakup across major non-life insurers
FY21 (INR m)
Star Health
HDFC Ergo
Niva Bupa (Erstwhile Max)
Care Health
The New India Assurance
The Oriental Insurance
Bajaj Allianz
Aditya Birla
Royal Sundaram
IFFCO Tokio
Others
Total
Commission
216
209
199
166
110
81
66
64
60
58
493
1,724
Outsourcing
-
-
34
76
-
-
81
-
-
-
116
307
Others
11
53
58
45
33
31
-
-
12
11
133
386
Outsourcing
325
508
300
829
-
112
30
5
547
14
18
2,687
29
Source: MOFSL, Company
October 2021
 Motilal Oswal Financial Services
Policybazaar: Outsourcing income a dominant revenue stream within Life Insurance
Life Insurance: Income from outsourcing services forms ~74% of
total income in FY21
Commission
1.5%
Outsourcing services
2.8%
Others
2.7%
18.9%
1.1%
Life Insurance: Mix of commission income stands healthy at ~71%;
income from outsourcing services accounts for ~13%
Commission
Outsourcing services
18.8%
6.5%
Others
16.0%
12.7%
82.1%
76.1%
73.6%
80.0%
74.7%
71.3%
16.3%
FY19
21.1%
FY20
23.7%
FY21
Source: MOFSL, Company
FY19
FY20
FY21
Source: MOFSL, Company
30
October 2021
 Motilal Oswal Financial Services
Policybazaar: Financial statements, DuPont, and key business metrics
Income Statement (Y/E March) – INR m
Insurance Commission
Growth (%)
Other Services
Growth (%)
Revenue from operations
Growth (%)
Other Income
Total Income
Growth (%)
Operating Expenses
EBITDA
PBT
PAT
DuPont (As % of revenue)
Insurance Commission
Other Services
Revenue from operations
Other Income
Total Income
Operating Expenses
EBITDA
PBT
Tax
PAT
FY19
1,317
1,786
3,103
21
3,124
5,243
-2,067
-2,131
-2,131
FY19
42.4
57.6
100.0
0.7
100.7
169.0
-66.6
-68.7
0.0
-68.7
FY20
2,134
62.0
3,026
69.4
5,159
66.3
29
5,188
66.1
7,263
-1,793
-2,182
-2,182
FY20
41.4
58.6
100.0
0.6
100.6
140.8
-34.7
-42.3
0.0
-42.3
FY21
2,591
21.5
3,478
15.0
6,069
17.6
144
6,214
19.8
7,878
-1,495
-1,758
-1,758
FY21
42.7
57.3
100.0
2.4
102.4
129.8
-24.6
-29.0
0.0
-29.0
Balance Sheet (Y/E March) – INR m
Share Capital
Reserves & Surplus
Net Worth
Trade payables
Other Liabilities & Prov.
Total Liabilities
Cash & Bank Balances
Investments
Trade Receivables
Fixed Assets
Current Tax Assets
Total Assets
FY19
531
-250
281
898
400
1,913
489
-
557
248
451
1,913
FY20
622
225
847
1,049
472
3,342
110
-
1,065
1,297
701
3,342
FY21
661
133
794
1,098
649
3,431
331
696
1,076
1,004
173
3,431
Business Metrics (Y/E March) – INR m
New business premium
Renewal premium
Total Premium
Growth (%)
New business premium Mix
Renewal premium Mix
No of policies sold (Nos. in Mn)
Total Premium per advisor (INRm)
New Business Prem. per advisor (INRm)
Commission rate (%)
Cost/Income (%)
EBITDA Margin (%)
FY19
17,187
5,967
23,154
74.2
25.8
3.0
6.3
4.6
5.7
169.0
-66.6
FY20
26,404
11,182
37,586
62.3
70.2
29.8
5.9
8.5
6.0
5.7
140.8
-34.7
FY21
27,429
19,584
47,013
25.1
58.3
41.7
7.2
14.1
8.2
5.5
129.8
-24.6
31
October 2021
 Motilal Oswal Financial Services
October 2021
Paisabazaar
32
October 2021
 Motilal Oswal Financial Services
Paisabazaar: Penetrating the Online Credit market; earnings trends improving
Largest digital consumer credit marketplace with ~51% share:
Paisabazaar began its operations
in FY14 with the goal to transform personal credit access by providing ease, convenience, and
transparency in selecting a variety of personal loans and credit cards. As of FY20, it was India’s
largest digital consumer credit marketplace, with market share of 51.4% based on disbursals.
Key metrics
Details
Customer base
Market Share (Digital players)
No of Partnerships
Self origination
Repeat customers
Credit card applications
FY21
Disbursal
Revenue
PBT
Net Profit
INR29.2b
INR1.9b
Key Stats
~21.5m
51.4%
54
Strong partner tie-ups offering diverse products:
Paisabazaar has partnered with ~54 lenders
across banks, NBFCs, and fintechs offering a wide choice of financial products on its platform.
66%
67%
2.8m
Key product offerings include personal loans, business loans, credit cards, home loans,
and loans against property.
It has further partnered with credit card issuers to offer a variety of credit cards and had
sourced ~2.8m credit card applications through its platform as of Mar’21.
Free credit score proving to be strong acquisition tool:
~21.5m consumers had accessed their
credit scores through Paisabazaar’s platform as of Mar’21. Furthermore, 66% of the loans
originated in FY21 were through consumers who visited Paisabazaar directly or via online brand
search. Conversely, 67% of disbursals in FY21 (40% over past three years) were made to existing
consumers, most of whom were acquired by Paisabazaar using the free credit score utility.
INR136m
INR136m
Disbursements moderate over FY21; still achieves breakeven on strong cost control:
While
disbursals declined over FY21 due to the pandemic, a healthy pickup in marketing and consulting
fees, along with sharp control on opex, resulted in the company reporting PAT of INR136m for
FY21. ~35% of the small-ticket size loans disbursed in FY20 were within the INR5k range.
33
October 2021
 Motilal Oswal Financial Services
Paisabazaar: Key product offerings and partner tie-ups
Unsecured Loans
Personal Loans
Transfer Personal Loans
Credit Cards
Micro Loans (<INR50k)
Secured Loans
New Home Loans
Transfer Home Loans
Loans Against Property
Gold Loans
Business Loans
Business Loans
Deposits
Savings Accounts
Fixed Deposits
Other Financial Products
Direct Mutual Funds
Free Demat Accounts
Financial Products
Personal Loans
Credit Cards
Home Loans
Gold Loan
Credit Bureau
Partner tie-ups
Axis Bank, Bajaj Finserv, Cashe, Clix, Early Salary, Faircent, Federal bank, Flexi Loans, Fullerton India, HDB
Financial Services, HDFC Bank, Home Credit, ICICI Bank, IDFC First Bank, Indiabulls, Indifi, IndusInd Bank,
Kotak Bank, Kredit Bee, Lending Kart, Money View, Muthoot, Neo Growth, PaySense, Rattan India, SME
Corner, Standard Chartered, Stashfin, Tata Capital, RBL Bank, UGRO Capital, Yes Bank
Amex, Citibank, HDFC Bank, ICICI Bank, IndusInd Bank, SBI Card, Standard Chartered, RBL Bank, Yes Bank,
SBM Bank
AB Capital, Axis Bank, BoB, Chola, Citibank, Federal bank, HDB Financial Services, HDFC Bank, HDFC Ltd, Hero
Housing, Home First, ICICI Bank, IDFC First Bank, Kotak Bank, L&T Finance, LIC HF, Standard Chartered, Tata
Capital, Union Bank
HDFC Bank, Rupeek
CIBIL, CRIF High Mark, Equifax, Experian
Source: MOFSL, Company website
34
October 2021
 Motilal Oswal Financial Services
Paisabazaar: Strong marketing/consulting fees compensate for lower disbursals
Revenue CAGR of 10% over FY19-21
Revenue from operations (INRm)
46%
1,883
% Growth (YoY)
Commission
28.0%
16.6%
55.3%
Online marketing/Consulting
17.8%
18.8%
54.3%
63.4%
30.6%
Sale of leads
0.4%
14.7%
Others
Mix of commission income moderates sharply to ~31%, while
marketing/consulting fees form 54%
1,547
2,262
-17%
FY19
FY20
FY21
Source: MOFSL, Company
FY19
FY20
FY21
Source: MOFSL, Company
Commission income plunges due to drop in disbursals,
impacted by COVID-19
Commission from online aggregation (INRm)
68%
% Growth (YoY)
Marketing/Consulting sees strong growth of ~4x
Online marketing and consulting (INRm)
% Growth (YoY)
140%
66%
-60%
856
FY19
1,434
FY20
576
FY21
Source: MOFSL, Company
257
FY19
425
FY20
1,023
FY21
Source: MOFSL, Company
35
October 2021
 Motilal Oswal Financial Services
Paisabazaar: Cost ratios seeing constant improvement, aiding profitability
Opex moderates significantly over FY19-21
Total Opex (INRm)
162%
144%
93%
C/I Ratio (%)
Staff expenses / Marketing costs form the bulk of opex
0%
10%
3%
8%
52%
Staff Cost
Advertisement and
promotion
Network and Internet
charges
Depreciation
Payment gateway
charges
Other expenses
Source: MOFSL, Company
2,529
FY19
3,295
FY20
1,779
FY21
Source: MOFSL, Company
27%
Advertisement cost significantly declines in FY21
Adv & promotion costs (INRm)
22%
484
-69%
FY21
Source: MOFSL, Company
% Growth (YoY)
Opex / Marketing cost as % of revenue seeing constant
decline; moderates to 95%/26% v/s 164%/84% in FY19
Opex as % of revenue
163.5%
84.3%
Adv & Promotion cost as % of revenue
145.7%
70.1%
94.5%
25.7%
FY19
FY20
FY21
Source: MOFSL, Company
1,304
FY19
1,586
FY20
36
October 2021
 Motilal Oswal Financial Services
Paisabazaar: Disbursement trends picking up; achieves breakeven in FY21
Disbursals down 55% YoY in FY21 – impacted by COVID
Disbursals (INRm)
28%
% Growth (YoY)
Quarterly disbursals pick up post COVID-19; stand at 64% of
pre-COVID levels
Disbursals (INRm)
18,217
-55%
15,986
9,938
1,097
5,383
12,744
FY19
FY20
FY21
Source: MOFSL, Company
Source: MOFSL, Company
Blended commission rate stands at 2%
Commission rates (%)
PAT trend for past few years – achieves breakeven in FY21
PAT (INRm)
136
1.7
2.2
2.0
(971)
(1,012)
FY20
FY21
Source: MOFSL, Company
FY19
FY20
FY21
Source: MOFSL, Company
FY19
37
October 2021
 Motilal Oswal Financial Services
Paisabazaar: Financial statements, DuPont, and key business metrics
Income Statement (Y/E March) – INR m
Commission from online aggregation
Growth (%)
Other Services
Growth (%)
Revenue from operations
Growth (%)
Other Income
Total Income
Growth (%)
Operating Expenses
EBITDA
PBT
PAT
DuPont (As % of revenue)
Commission from online aggregation
Other Services
Revenue from operations
Other Income
Total Income
Operating Expenses
EBITDA
PBT
Tax
PAT
FY19
856
691
1,547
11
1,558
2,529
-947
-971
-971
FY19
55.3
44.7
100.0
0.7
100.7
163.5
-61.2
-62.8
0.0
-62.8
FY20
1,434
67.5
828
19.9
2,262
46.3
28
2,290
47.0
3,295
-966
-1,012
-1,012
FY20
63.4
36.6
100.0
1.2
101.2
145.7
-42.7
-44.7
0.0
-44.7
FY21
576
-59.9
1,308
57.9
1,883
-16.7
37
1,920
-16.1
1,779
160
136
136
FY21
30.6
69.4
100.0
2.0
102.0
94.5
8.5
7.2
0.0
7.2
Balance Sheet (Y/E March) – INR m
Share Capital
Reserves & Surplus
Net Worth
Lease liabilities
Trade payables
Other Liabilities & Prov.
Total Liabilities
Cash & Bank Balances
Investments
Trade Receivables
Fixed Assets
Current Tax Assets
Other Assets
Total Assets
Business Metrics (Y/E March) – INR m
Disbursals (INRm)
Repeat disbursals (%)
Ratios
Cost/Income (%)
EBITDA Margin (%)
Adjusted EBITDA Margin (%)
FY19
269
208
477
-
489
146
1,112
98
100
491
70
134
218
1,112
FY19
51,015
42
FY20
305
65
370
69
554
184
1,177
160
0
625
118
215
59
1,177
FY20
65,496
60
FY21
315
534
850
43
339
213
1,444
62
668
494
68
119
34
1,444
FY21
29,168
67
163.5
-61.2
-59.0
145.7
-42.7
-42.5
94.5
8.5
11.0
38
October 2021
 Motilal Oswal Financial Services
Peer comparison
FY20
Policybazaar
InsuranceDekho
Renewbuy
Coverfox
Turtlemint
Products offered
Life and Non-Lie
Life, Motor and Health
Life, Motor, Health and
Corporate
Life, Motor and Health
Life, Motor and Health
Life, Motor, Health &
Crop/Livestock
Life, Motor and Health
Life, Motor, Health and
Travel
Motor and Health
Life, Motor and Health
Electronics
Type
Broker
Broker
Broker
Broker
Broker
Broker
Corporate Agent
Broker
Broker
Web Aggregator
Insurer
Tie-ups
51
NA
35
40+
35+
7
8
8
NA
Multiple
NA
*As on FY19
Revenue (INRm)
6,069
329
433
323
1,258
EBITDA
(INRm)
-1,495
6
-297
-574
-786
EBITDA
Margin (%)
-24.6%
1.9%
-68.0%
-176.4%
-61.4%
PAT
(INRm)
-1,758
-5
-237
-582
-816
Gramcover*
Toffee Insurance
Symbo Insurance
Policyboss
PolicyX
OneAssist
26
20
25
658
55
2,460
-7
-92
-95
58
10
-737
-25.5%
-423.4%
-351.8%
8.1%
17.2%
-29.7%
-7
-93
-96
46
6
-836
Source: MOFSL, VCC Edge
39
October 2021
 Motilal Oswal Financial Services
Global comparison
Revenue (USDm)
Insurance Marketplace
Hippo (US)
Goosehead (US)
Moneysupermarket (UK)
Everquote (US)
Fanhua (China)
Waterdrop (China)
Digital First Insurers
Lemonade (US)
Metromile (US)
ZhongAn (China)
eHealth (US)
CY18
NA
60.1
474.8
163.3
525.2
34.6
CY18
22.5
54.3
CY19
34.7
77.5
495.9
248.8
536.6
217.0
CY19
67.3
52.8
CY20
51.6
117.0
442.8
346.9
474.1
463.8
CY20
94.4
35.1
CY21E CY22E
NA
153.7
474.8
443.8
564.5
641.0
NA
212.3
NA
528.4
634.1
NA
CY18
NA
-11.4
149.6
-12.6
68.4
-27.1
CY18
-52.6
-46.1
EBITDA (USDm)
CY19
-76.9
16.2
164.6
-4.5
83.9
-27.0
CY19
CY20
-108.8
26.6
123.7
-3.5
60.0
-74.0
CY20
CY21E CY22E
NA
26.3
148.5
25.0
71.1
-145.7
NA
46.2
NA
36.6
93.5
NA
CY18
NA
-8.9
115.6
-51.2
92.3
-30.4
CY18
-52.9
-49.4
-246.6
14.0
PAT (USDm)
CY19
-83.1
3.6
121.2
-6.1
27.4
-46.2
CY19
CY20
-141.5
9.3
89.0
-9.4
39.1
CY21E CY22E
NA
7.5
97.2
-12.4
51.9
NA
19.2
NA
-8.0
68.7
NA
-101.7 -244.8
CY20
CY21E CY22E
124.6
69.9
205.0
89.7
CY21E CY22E
CY21E CY22E
-107.9 -120.8 -230.3 -250.8
-53.6
-38.1
117.1
-40.5
112.3
66.3
-131.5
154.6
117.7
-78.9
205.3
155.9
-108.5 -122.3 -236.8 -250.4
-57.2
-41.9
83.9
-120.1 -179.0
99.5
45.5
139.7
81.1
-87.1
197.9
107.9
1,454.0 2,189.8 2,683.0 3,436.9 4,201.0 -268.3
251.4
506.2
582.8
689.4
835.3
21.4
Source: MOFSL, Capital IQ, BBG
40
October 2021
 Motilal Oswal Financial Services
Global comparison
Revenue Growth (%)
Insurance Marketplace
Hippo (US)
CY19
NA
28.8%
CY20
48.7%
51.0%
CY21E
NA
31.4%
CY22E
NA
38.1%
CY19
NA
NA
EBITDA Growth (%)
CY20
NA
64.0%
CY21E
NA
-1.1%
CY22E
NA
75.7%
CY18
NA
-19.0%
EBITDA Margin (%)
CY19
CY20
CY21E
NA
17.1%
CY22E
NA
21.8%
-221.6% -210.9%
20.9%
22.7%
Goosehead (US)
Moneysupermarket (UK)
Everquote (US)
Fanhua (China)
Waterdrop (China)
Digital First Insurers
Lemonade (US)
Metromile (US)
ZhongAn (China)
eHealth (US)
4.5%
52.3%
2.2%
-10.7%
39.4%
-11.6%
7.2%
27.9%
19.1%
38.2%
CY21E
32.0%
99.3%
28.1%
18.3%
NA
19.1%
12.3%
NA
CY22E
64.6%
28.3%
22.2%
21.2%
10.0%
NA
22.5%
NA
CY19
NA
NA
NA
448.0%
-24.9%
NA
-28.4%
NA
CY20
NA
NA
NA
-43.4%
20.0%
NA
18.4%
NA
CY21E
NA
NA
37.7%
77.4%
NA
46.0%
31.6%
NA
CY22E
NA
NA
32.8%
32.5%
34.5%
-7.7%
13.0%
-78.2%
CY18
35.8%
-1.8%
15.6%
-12.4%
CY19
31.3%
-1.0%
12.7%
-16.0%
CY20
31.3%
5.6%
12.6%
-22.7%
CY21E
NA
6.9%
14.8%
NA
CY22E
526.7% 113.7%
CY19
199.1%
-2.9%
50.6%
101.4%
CY20
40.3%
-33.5%
22.5%
15.1%
-233.8% -160.3% -128.0% -184.9% -122.4%
-84.8% -101.5% -115.5% -188.1% -88.0%
-18.5%
8.5%
-1.7%
23.1%
4.2%
11.4%
4.5%
17.1%
4.9%
18.7%
Source: MOFSL, Capital IQ, BBG
41
October 2021
 Motilal Oswal Financial Services
Global comparison
Mkt. Cap
Insurance Marketplace
Hippo (US)
Goosehead (US)
Moneysupermarket (UK)
USDb
2.5
6.2
CY18
NA
103.7
CY19
71.5
80.5
P/Sales (x)
CY20
48.1
53.3
CY21E
NA
40.6
CY22E
NA
29.4
1.5
0.5
0.7
1.0
USDb
4.0
0.4
5.8
1.1
3.2
3.2
1.3
28.2
CY18
179.1
7.9
4.0
4.5
3.0
2.1
1.3
4.5
CY19
59.9
8.1
2.7
2.3
4.4
1.5
1.5
2.1
CY20
42.7
12.2
2.2
2.0
3.2
1.2
1.2
1.5
CY21E
32.4
6.1
1.7
1.7
3.0
1.0
1.1
NA
CY22E
19.7
4.8
1.4
1.4
Everquote (US)
Fanhua (China)
Waterdrop (China)
Digital First Insurers
Lemonade (US)
Metromile (US)
ZhongAn (China)
eHealth (US)
Source: MOFSL, Capital IQ, BBG
42
October 2021
 Motilal Oswal Financial Services
Market cap for Insurance sector grows at robust pace for past few years
Market cap CAGR for life insurers at ~18% since Nov’17; total
market cap stands at INR4t as of Oct’21
5,000
4,000
3,000
2,000
1,000
-
-1.6%
0.0%
Mkt Cap Life Life Insurance (INRb)
9.9%
Life Insurance – total premiums up 10% over FY17-21
Life Insurance Premium (INRb)
Growth YoY (%)
14.0%
12.7%
11.8%
10.8%
9.6%
9.4%
4.4%
6.3%
Source: MOFSL, BBG
Source: MOFSL, IRDAI, LIC Council
Market cap for non-life insurers stable since Nov’17; total
market cap stands at ~INR1.8t as of Oct’21
Mkt Cap Life Non-Life Insurance (INRb)
2,000
1,500
Non-Life Insurance – GWP up 12% over FY17-21
Non-Life Insurance Premium
33.0%
22.9% 24.1%
Growth YoY (%)
1,000
500
-
19.0%
13.8%
17.5%
5.2%
8.9%
9.2%
12.5%
11.5%
Market cap for Bajaj Finserv prorated at 20% to reflect the insurance business
Source: MOFSL, BBG
43
Source: MOFSL, IRDAII, General Insurance Council
October 2021
 Motilal Oswal Financial Services
PB Fintech: Implied valuation and multiple analysis
Media articles suggest PB Fintech’s proposed IPO valuation stands at USD5–6b. We conducted two scenario analyses at the proposed
valuations to derive valuation multiples (P/Sales) and compared them with global peers.
We estimate a revenue CAGR of ~40% over FY21–24, led by 42% growth in premium income. We project the EBITDA / contribution
margin to expand to 4.8%/52.1% and market share to double to 2.1% in terms of total premiums within private players. Paisabazaar
has also seen a healthy pickup in disbursements, and we estimate a 45% CAGR over FY21–24E.
We note that globally companies with strong revenue growth and superior margin profiles trade at higher multiples. PB Fintech would
continue to invest in the business, which would support the growth momentum over the medium-long term. Thus, we believe robust
business growth, along with improving operating metrics, would enable the company to trade at higher multiples.
Thus, at proposed valuations of USD5–6b, the implied P/Sales multiple corresponds to 16–19x on FY24E.
Expect premium income CAGR at ~42% over FY21-24E
Premium Income (INRb)
62%
48%
39%
25%
23.2
FY19
37.6
FY20
47.0
FY21
69.7
FY22E
96.9
FY23E
135.4
FY24E
40%
15%
4.9
FY19
7.7
FY20
8.9
FY21
12.8
FY22E
17.4
FY23E
23.4
FY24E
% Growth (YoY)
Expect revenue CAGR at ~38% over FY21-24E
Revenue from Operations (INRb)
57%
44%
36%
35%
% Growth (YoY)
Source: Company, MOSL
Source: Company, MOSL
44
October 2021
 Motilal Oswal Financial Services
Estimate EBITDA/contribution margin to expand to ~5%/~52%; likely to achieve breakeven in FY23
Estimate C/I ratio to decline gradually to 98% by FY24E
Operating expenses (INRb)
174%
148%
123%
110%
104%
98%
As a % of revenue
Market share for Policybazaar to double to 2.1% by FY24E
Mkt share - NBP - Private
Mkt share - Total Prem - Private
Mkt share - Renewal Prem - Private
8.6
FY19
11.4
FY20
10.9
FY21
14.2
FY22E
18.1
FY23E
23.0
FY24E
FY19
FY20
FY21
FY22E
FY23E
FY24E
Source: MOFSL, Company
Source: MOFSL, Company
EBITDA/contribution margin to expand to 4.8%/52.1% by FY24E
EBITDA Margin
39.8%
8.6%
13.7%
-0.8%
-6.6%
-41.5%
-68.3%
FY19
FY20
FY21
FY22E
FY23E
FY24E
Source: MOFSL, Company
-18.0%
Contribution Margin
45.8%
Estimate Policybazaar to achieve breakeven by FY23
PAT (INRm)
49.0%
52.1%
4.8%
288
(1,502)
(3,040)
(368)
1,407
(3,468)
FY19
FY20
FY21
FY22E
FY23E
FY24E
Source: MOFSL, Company
45
October 2021
 Motilal Oswal Financial Services
History of fundraises by PB Fintech, and underlying valuations
Year of raise
FY08-11
Apr'13
May'14
Apr'15
Oct'17
Jun'18
Nov'19
Jun'20
Mar'21
Funding
(INRm)
200
250
1,190
2,480
5,000
13,500
NA
3,567
5,438
Funding
(USDm)
4
5
20
40
75
200
NA
47
75
Valuation
(INRm)
250-420
1,650
5,950
NA
33,333
67,500
107,100
112,880
174,000
Valuation
(USDm)
4-10
33
100
NA
500
1,000
1,500
1,500
2,400
Clutch of investors
Softbank
NA
Softbank
Falcon Edge Capital
Company valuation crosses USD2b
Source: Media sources, MOSL, DRHP
Investors
Infoedge
Inventus Capital, Intel Capital
and Infoedge
Tiger Global and Ribbit Capital
Comments
Company valuation nears USD500m
Company achieves Unicorn status
Tiger Global sells ~10% stake to
Tencent at valuation of USD1.5b
46
October 2021
 Motilal Oswal Financial Services
Key risks
The company maintains significant leadership in its product segments; however, the industry is turning increasingly competitive with
multiple fintechs entering the market that provide innovative solutions to cater customer needs.
As a web aggregator / broker, the continuity of partnerships with insurers and lenders is the key. Many of them are now coming up
with their own digital platforms. Thus, failing to attract partners / continue existing partnerships could impact the business.
The company derives revenues from the sale of financial services products, primarily based on the commission/ fee structure agreed
with partners. Any decline in these rates may impact revenues.
The resurgence of the COVID-19 pandemic could adversely affect business growth.
Technology infrastructure is vital; therefore, any disruption to it would pose a risk to the business.
Various laws and regulations govern its business segments – any adverse regulatory changes could impact business growth.
47
October 2021
 Motilal Oswal Financial Services
Key management personnel
Key Personnel
Mr. Yashish Dahiya
Designation
Chairman, Executive
Director and CEO
Profile
Holds a bachelor’s degree in technology from IIT, Delhi; PG diploma in management from IIM,
Ahmedabad; and MBA from INSEAD, France
Previously associated with ITW Signode India Limited, Bain & Company Inc. (London), eBookers PLC (UK),
and CI2I Investments Limited
Holds a bachelor’s degree in technology from Shri Shahu Ji Maharaj University, Kanpur and PG diploma in
management from IIM, Calcutta
Previously associated with Voltas, GE International Operations Co. Inc. (India), iGate Global Solutions,
M&M, and FE Global Technology Services
Associated with the company since 3
rd
Feb’14; holds a bachelor’s degree in engineering from DU and PG
diploma in management from IIM, Kolkata
Previously associated with Citibank (India), Capital One (Europe), and Aviva Life
Associated with the company since Nov’19; holds a Master of Management Studies degree from BITS,
Pilani and PG diploma in MBA from XLRI, Jamshedpur
Previously associated with HUL, Times Internet, and Yatra Online Private Ltd
Associated with the company over Sep’10-Jul’16 and joined once again in Feb’19; holds bachelor’s
degree of technology from IIT, Kanpur; holds a master’s in technology from NUS; and has completed the
Executive Programme in management from IIT, Calcutta
Previously associated with myMBSC.com Ptd. Ltd. (Singapore), IBM India Private Limited, and GEP
Solutions Private Limited
Associated with the company since Aug’08; holds a bachelor’s degree in commerce from Kurukshetra
University, is a CA and Associate of Insurance Institute of India
Previously associated with Fiamm Minda Automotive Limited, Ericsson India Private Limited, and FE
Global Technology Services Private Limited
Mr. Alok Bansal
Whole-time Director and
CFO
Mr. Naveen Kukreja
Co-Founder and CEO,
Paisabazaar
Chief Operating Officer,
Policybazaar
Mr. Sharat Dhall
Mr. Saurabh Tiwari
Chief Technical Officer,
Policybazaar
Mr. Manoj Sharma
Director Finance and
Principal Officer,
Policybazaar
48
October 2021
 Motilal Oswal Financial Services
NOTES
49
October 2021
 Motilal Oswal Financial Services
Motilal Oswal Financial Services Limited
MEMBER OF BSE AND NSE
Motilal Oswal Tower, Sayani Road, Prabhadevi,
Mumbai 400 025, INDIA
BOARD: +91 22 7193 4200 |
WEBSITE:
www.motilaloswal.com
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
> - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days,the Research Analyst shall within following 30 days take appropriate measures to make the recommendation consistent
with the investment rating legend.
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50
October 2021
 Motilal Oswal Financial Services
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document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the
"Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer,
Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule
2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
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 Motilal Oswal Financial Services
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets services license and an exempt financial adviser in Singapore,
as per the approved agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to MOCMSPL by Monetary Authority of Singapore. Persons in
Singapore should contact MOCMSPL in respect of any matter arising from, or in connection with this report/publication/communication. This report is distributed solely to persons who qualify as “Institutional Investors”, of which some of whom may consist of
"accredited" institutional investors as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“the SFA”). Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such Singapore Person must immediately
discontinue any use of this Report and inform MOCMSPL.
Disclaimer: The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in
any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing
in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all
investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of
this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to
determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade
securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest
Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to
make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as
principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities
functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly accessible media or developed
through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or
passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country
or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be
eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or representatives
shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The person accessing this information specifically agrees to exempt
MOFSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOFSL or any of its affiliates or
employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263; Website
www.motilaloswal.com.
CIN No.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate
Agent: CA0579 ;PMS:INP000006712. Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth Management
Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real
Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL. Research &
Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no assurance or guarantee of the returns. Investment in securities market is subject to market risk,
read all the related documents carefully before investing. Details of Compliance Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National Company Law Tribunal, Mumbai Bench.
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