Paytm vs Policybazaar: Revenue, Profit and Business Model
Paytm reported ~$978.7M of revenue in FY2026 and ~$64.1M of net income. Policybazaar reported ~$788.1M of revenue in FY2026 and ~$77.7M of net income.
Latest financial snapshot
Paytm
- Latest revenue
- ~$978.7M (FY2026)
- Net income
- ~$64.1M
- Net margin
- 6.6%
- Revenue growth
- +14.1% a year, FY2022–FY2026
Policybazaar
- Latest revenue
- ~$788.1M (FY2026)
- Net income
- ~$77.7M
- Net margin
- 9.9%
- Revenue growth
- +47.8% a year, FY2022–FY2026
Financial summary
Paytm
Paytm lost money every year after its 2021 IPO, with net losses of about $278 million (₹2,393 crore) in FY22 and ~$206 million (₹1,776 crore) in FY23. The 2024 RBI action on Paytm Payments Bank cut FY25 revenue to ~$800 million (₹6,900 crore). Recovery followed: FY26 revenue from operations rose 22.2% to ~$979 million (₹8,437 crore) with a full-year profit of about $64 million (₹552 crore), and Q4 FY26 profit was about $21.3 million (₹184 crore) against a ~$62.6 million (₹540 crore) loss a year earlier. Q1 FY27 set records with ~$284 million (₹2,448 crore) revenue (+28%), EBITDA of ~$23.5 million (₹203 crore) (8% margin) and profit after tax of ~$25.5 million (₹220 crore) (+79%). In July 2026 the board decided not to proceed with a proposed bonus share issue.
Policybazaar
PB Fintech lost money for years while it spent heavily on TV advertising and new businesses. It posted net losses of ~$96.6 million (₹833 crore) in FY2022 and ~$56.5 million (₹487 crore) in FY2023, turned profitable at ~$7.77 million (₹67 crore) in FY2024, then earned ~$40.8 million (₹352 crore) in FY2025 and ~$77.7 million (₹670 crore) in FY2026. Operating revenue rose from ~$165 million (₹1,425 crore) in FY2022 to ~$788 million (₹6,794 crore) in FY2026. In Q4 FY26 revenue reached ~$239 million (₹2,061 crore) with ~$30.3 million (₹261 crore) profit; Q1 FY27 brought ~$219 million (₹1,888 crore) of revenue (up 40%), ~$18.9 million (₹163 crore) of profit and a 9% PAT margin. The open question after September 2026 is how much IRDAI's proposed commission and expense caps would cut future take rates.
Revenue and profit by year
Paytm
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$978.7M | ~$64.1M | 6.6% | +22.3% | Source |
| FY2025 | ~$800.4M | ~-$76.4M | -9.6% | -30.8% | Source |
| FY2024 | ~$1.2B | ~-$164.4M | -14.2% | +24.9% | Source |
| FY2023 | ~$926.9M | ~-$206M | -22.2% | +60.6% | Source |
| FY2022 | ~$577M | ~-$277.6M | -48.1% | — | Source |
Policybazaar
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$788.1M | ~$77.7M | 9.9% | +36.5% | Source |
| FY2025 | ~$577.4M | ~$40.8M | 7.1% | +44.8% | Source |
| FY2024 | ~$398.8M | ~$7.8M | 1.9% | +34.4% | Source |
| FY2023 | ~$296.7M | ~-$56.5M | -19.0% | +79.5% | Source |
| FY2022 | ~$165.3M | ~-$96.6M | -58.5% | — | Source |
Business model and strategy
Paytm
How it makes money
Paytm runs a capital-light, two-sided model. On the merchant side it deploys QR codes, Soundbox audio devices and Android card machines, charging monthly device subscription fees and earning payment processing revenue on cards, EMI and online payments (UPI person-to-merchant payments carry zero MDR, so device rentals and online gateway fees matter).
Growth strategy
Paytm's strategy since 2024 has three parts: grow the device merchant base and its payment processing revenue, use merchant and consumer data to distribute more loans for partner banks and NBFCs, and keep costs flat through AI and automation. In 2026 the company said it would hire about 4,000 people, mostly in sales, while trimming roughly 1% of staff. Marketing spend fell 19% in FY26.
Competitive advantage
Paytm's edge is its offline merchant base. It pioneered the Soundbox in 2019 and added about 2.7 million Soundboxes in the year to June 2026. Daily transaction data from these device merchants lets partner lenders underwrite small shopkeepers who lack credit bureau history, which is why lending distribution has become Paytm's fastest-growing revenue line.
Policybazaar
How it makes money
PB Fintech is a distributor, not an underwriter: it never carries claims risk. Policybazaar earns commissions and rewards from life and general insurers when a policy is sold through its website, app, call-centre advisors, PB Partners agents or walk-in stores, and it keeps earning renewal commission as policies are renewed.
Growth strategy
Having conquered the digital comparison market, Policybazaar's large growth strategy is a highly aggressive pivot into 'Physical Retail' (PB Partners) and dominating 'SME Corporate Insurance'. They realized a large percentage of rural Indians still refuse to buy insurance purely online.
Competitive advantage
Policybazaar's edge is scale and brand. Because it lists products from dozens of life and general insurers side by side, it attracts high-intent buyers at volume, and that volume gives it leverage to co-design products with insurers. A large renewal book adds recurring, low-cost revenue, and its claims-assistance teams strengthen trust in health insurance, where claim disputes are common.
Questions about Paytm vs Policybazaar
Which company has higher revenue — Paytm or Policybazaar?
Paytm reported ~$978.7M (FY2026), while Policybazaar reported ~$788.1M (FY2026). By last reported revenue, Paytm is the larger business, with Policybazaar reporting a smaller revenue base.
What is the market cap of Paytm vs Policybazaar?
Paytm's market capitalisation stands at $12.0B, while Policybazaar's is $5.6B. Paytm carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Policybazaar.
Which is more financially efficient — Paytm or Policybazaar?
Paytm generates $24k / employee in revenue per employee, while Policybazaar generates $35k / employee. Policybazaar shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Paytm and Policybazaar make money?
Paytm and Policybazaar generate revenue in fundamentally different ways. Paytm: Paytm runs a capital-light, two-sided model. Policybazaar: PB Fintech is a distributor, not an underwriter: it never carries claims risk.
Which company is valued higher relative to revenue — Paytm or Policybazaar?
On a price-to-sales (P/S) basis, Paytm trades at 12.3x P/S and Policybazaar at 7.1x P/S. Paytm commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Policybazaar. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Paytm bigger than Policybazaar?
By last reported revenue, Paytm (~$978.7M (FY2026)) is the larger company compared to Policybazaar (~$788.1M (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Paytm vs Policybazaar overview