Policybazaar vs Zerodha: Revenue, Profit and Business Model
Policybazaar reported ~$788.1M of revenue in FY2026 and ~$77.7M of net income. Zerodha reported ~$1B of revenue in FY2025 and ~$491.5M of net income.
Latest financial snapshot
Policybazaar
- Latest revenue
- ~$788.1M (FY2026)
- Net income
- ~$77.7M
- Net margin
- 9.9%
- Revenue growth
- +47.8% a year, FY2022–FY2026
Zerodha
- Latest revenue
- ~$1B (FY2025)
- Net income
- ~$491.5M
- Net margin
- 47.9%
- Revenue growth
- -11.5% a year, FY2024–FY2025
Financial summary
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.
Zerodha
Zerodha reported revenue of ~$1.03 billion (₹8,847 crore) and net profit of ~$491 million (₹4,237 crore) in FY25, down from about $1.16 billion (₹9,993 crore) and ~$638 million (₹5,496 crore) in FY24 after SEBI's F&O changes. FY26 profit was ~$497 million (₹4,283 crore) on roughly flat revenue, helped by margin trading income.
Revenue and profit by year
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 |
Zerodha
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$1B | ~$491.5M | 47.9% | -11.5% | Source |
| FY2024 | ~$1.2B | ~$637.5M | 55.0% | — | Source |
Where the revenue comes from
Policybazaar
No segment breakdown is published.
Zerodha
- Brokerage (intraday and F&O)
~$318M (₹2,738 Cr) in FY26
Flat fee of up to ₹20 per executed order on intraday and derivatives trades. FY26 brokerage income fell about 11% from ~$356 million (₹3,066 crore) in FY25.
- Interest income
~$263M (₹2,269 Cr) in FY26
Interest earned on client margin funds and the company's own reserves; down about 4% year on year in FY26.
- Margin trading facility (MTF)
~10% of FY26 revenue
Launched in December 2024. Kamath said the MTF book reached about $1.04 billion (₹9,000 crore), with customers borrowing around $696 million (₹6,000 crore).
- Demat annual maintenance charges
~$20.9M (₹180 Cr) in FY26
Annual charges on demat accounts, up from ~$18.6 million (₹160 crore) in FY25. Accounts opened from 1 June 2026 get the first year free.
Business model and strategy
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.
Zerodha
How it makes money
Zerodha earns most of its money from trading and from client funds. Brokerage is charged only on intraday and futures and options orders, capped at ₹20 per executed order, while equity delivery trades are free. The second large stream is interest income, mainly on client margin money and on its own cash reserves.
Growth strategy
With retail derivatives activity slowing under SEBI's F&O rules, Zerodha is shifting its focus from adding traders to growing customer assets. Its levers are margin trading funding, the integration of mutual funds into Kite, Zerodha Fund House's passive funds, and new businesses in asset management, lending and insurance.
Competitive advantage
Zerodha keeps costs low through in-house technology, a team of fewer than 1,100 people and no advertising spend, which lets it stay highly profitable even as trading volumes slow.
Questions about Policybazaar vs Zerodha
Which company has higher revenue — Policybazaar or Zerodha?
Policybazaar reported ~$788.1M (FY2026), while Zerodha reported ~$1B (FY2025). By last reported revenue, Zerodha is the larger business, with Policybazaar reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Policybazaar vs Zerodha?
Policybazaar has a market capitalisation of $5.6B. A public market cap figure for Zerodha was not available (it may be privately held).
Which is more financially efficient — Policybazaar or Zerodha?
Policybazaar generates $35k / employee in revenue per employee, while Zerodha generates $933k / employee. Zerodha 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 Policybazaar and Zerodha make money?
Policybazaar and Zerodha generate revenue in fundamentally different ways. Policybazaar: PB Fintech is a distributor, not an underwriter: it never carries claims risk. Zerodha: Zerodha earns most of its money from trading and from client funds.
Is Policybazaar bigger than Zerodha?
By last reported revenue, Zerodha (~$1B (FY2025)) 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 Policybazaar vs Zerodha overview