PolicyBazaar, an online insurance aggregator, has raised nearly $80 million (Rs 650 crore) from its existing shareholders via the right issue, Entrackr reported. 

The brokerage platform's board offered more than 10 crore equity shares priced at Rs 602 per share to existing investors. This was revealed in regulatory filings made by the organisation. 

PolicyBaazar earned a revenue of Rs 505 crore in the first quarter of the financial year (FY) 2022-23. This was a 6.5  per cent drop from the Rs 540 crore revenues it logged in the last quarter of FY 2022. 

Earlier this week, Morgan Stanley cut its headline revenue forecasts by 8 per cent to 28 per cent for fiscal 2023–2027 in its investor note dated Oct. 11. "Our core revenue forecasts fall 4-27% for fiscals 2023-2027,” it stated. 

Analysing weaker growth in segments like retail protection and motor insurance, the investment bank had no other options except cutting down the growth forecast for the organisation. It has also lowered the share prices of PolicyBazaar Fintech (PB Fintech) from Rs 840 to Rs 620, as reported by multiple media sources. 

PolicyBazaaar listed its Initial Public Offering (IPO) programme in November 2021 with a valuation of $6 billion. The company seems to be sluggish in the market for the past few months. Today, the share price of the firm went down in both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).