VALUATION PERSPECTIVE

POLICY BAZAR

Policy bazaar is an Indian insurance broker and international financial technology company
based in Gurgaon the Company was founded in June 2008 by Yashish Dahiya, Alok Bansal
and Avaneesh Nirjar. It provides a digital platform - a website and an app - where users can
compare insurance policies with other financial services from major insurance companies.
The company is India's largest insurer, and has expanded its operations in the United Arab
Emirates.

ORIGIN:

The policy Bazaar was established in 2008 with one purpose: to bring transparency to
insurance. The founders wanted to reconsider the insurance policy, so they started by
simplifying all the details about the plans, eliminating rampant sales, and preventing policy
expiration.

OPINION:

The idea of bringing pioneering technology and innovation into the industry continues to
grow. We wish to build a health and financial safety net for more families in India in the
coming years.

TOTAL NUMBER:

The policy bazaar is lost and fintech, the comparison is also absurd. For a maximum of Rs
980, the company is seeking a market capitalization of Rs 44,041 crore post listing. Like the
FY22A sale, the company wants a 44x Selling Price, which is very expensive. As insurance
coverage is low in India, the internet is very small and the scope of these online affiliates /
buyers is huge. But many are moving ahead and building their own financial services
ecosystem. Consumers build platform companies with all the resources inside, fintech also
comes in and insurance creators i.e. health and general insurance companies take the
technology trail themselves and do not exploit it as agents take a good portion of the
business. HDFC Ergo and ICICI Lombard are already out of Policy Bazaar.

Rated Vision:

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The company is looking for a market capitalization of about 2.5 times the final round of
funding by March'21. While the licensing of insurance brokers and small online insurance in
India offer the company great long-term growth opportunities, the current value looks very
expensive. Therefore, only investors who have the longest horizon, greater risk tolerance and
the patience to wait for corporate return rates to improve should register.

Statistically, the post-release FY2021 EV / Sales operates at 47.6x to (high end of the release
price band), which is a historically high performance (causing further losses in the past).
Considering the overall business model of the company and the high ratings.

Business policy IPO: Company incurs losses:

There are no companies listed in India whose business is comparable to that of a corporate
business. Marwadi Shares and Finance, which measures to avoid this issue as prices require a
company to make a loss, said in view of TTM from June 2021, sales of Rs 949.37 crore after
release, the company will have a market / sales list of Rs 46.40 with a market head Rs 44,051
crore.

Analysts say that since the company is not profitable, informing you on the basis of P / E is
not possible. At the high end of the price band, the problem has a solid value multiplied by 45
times Price / Sales (based on FY22 annual sales). However, considering the technological
innovation of the novel-based novel, the issue can enjoy a premium rating. Given the
excitement of the event, the stock traded at Rs 2,100- Rs 2,300 in the unlisted market last
week. High-risk investors who want to take advantage of exposure to a tech-based niche
platform should consider investing in the issue.

STOCK VALUATION PERFORMANCE:

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CAR TRADE TECH

Car Trade Tech Ltd is a multi-channel station incorporated into the 2000 auto platform
Provider Company. The company uses various brands such as Car Wale, Car Trade, Shriram
Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz. The forum connects
new and used car customers, car dealers, car OEMs, and other businesses to buy and sell
different types of vehicles. The company offers a variety of solutions for all car sales, sales,
marketing, financing, and other activities.

ORIGIN:

CarTrade.com was founded in 2010 by Vinay Sanghi and Rajan Mehra. In November 2015,
Car Trade acquired Car Wale, a private online portal, on a full-service basis. In May 2017,
Car Trade obtained a vehicle test and Adroit Inspection business measurement in a total
revenue agreement.

OPINION:

The vision is to build a digital automotive ecosystem that connects automotive customers,
OEMs, retailers, banks, insurance companies and other stakeholders.

TOTAL NUMBER:

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Car Trade rates have doubled in the past one year. In June 2020, in a round of Series H from
existing investors, Car Trade was estimated at $ 525 million. In its IPO, the company is now
requesting a market capitalization of approximately R7, 400 crore (or $ 1 billion).

PRICEY VALUATION:

Naturally, estimation is not cheap. "At the highest end of the IPO price band, it is offered 4.4
times the volume of the book and 29.6 times EV / sales and 73.4 times the revenue," said a
report by Anand Rathi Share and Stock Brokers Ltd. August 6th. The seller added, "If we do
not include adjustments to the deferred tax return and add the attribute to equity, then the
asking price is about 199.26 times the value of its FY21 salary."

At the same time, Car Trade’s revenue for the 2021 financial year was slim, due to the covid-
19 epidemic, falling 16% year-on-year to ₹ 249 crore. Even if the company has a first profit
in the area in which it operates, note that competition is always a big risk. "Going forward,
although the company is expected to grow faster, it is also possible that the growth rate may
not be in line with higher rates," said an analyst who asked for his name to be withheld. More
than 25%, even if one could have repaired the disruption in the last week of March due to the

Car Trade is the only profitable online car dealer and car dealer and the number of jobs and
engagements in its area are among the largest automotive data centers in India. Country’s
closure.

STOCK VALUATION:

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