PolicyBazaar’s CEO Yashish Dahiya took home about ₹3 crore — here’s a look at other top paid execs at the fintech startup headed for IPO
- PolicyBazaar’s parent company PB Fintech has filed for its much-awaited IPO earlier today.
- The company’s cofounders, Yashish Dhaiya and Alok Bansal, cumulatively earned about ₹5 crore in the year ending March 2021.
- It has also appointed 5 independent directors, who will draw ₹24 lakh in fixed pay and an additional ₹1 lakh for each meeting.
Yashish Dahiya, Alok Bansal and Avaneesh Nirjar started PB Fintech (formerly known as EtechAces Marketing and Consulting) in 2008. The company has three main subsidiaries — PolicyBazaar, Paisabazaar and DocPrime.
Some of the highest paid employees of PolicyBzaar (PB Fintech) include the Chief Executive Officer (CEO) Yashish Dahiya who took home over ₹2.80 crore for the year ending March 2021, the Chief Financial Officer (CFO) Alok Bansal got ₹2.1 crore and Sarbvir Singh for ₹1.48 crore.
Here are the key managerial personnels at PB Fintech
|Name||Designation||Aggregate Compensation (FY2021)||Annual variable pay for FY2021, paid in FY2022|
|Yashish Dahiya||Chairperson and CEO, PB Fintech||₹2.01 crore, including ₹50 lakh for FY20||₹80 lakh|
|Alok Bansal||Whole Time Director and CFO, PB Fintech||₹1.5 crore, including ₹44.7 lakh for FY2020||₹62 lakh|
|Sarbvir Singh||Non-executive director appointed by founders, CEO of PolicyBazaar subsidiary||₹1.3 crore, including ₹12 lakh from FY2020||₹46 lakh|
|Naveen Kukreja||CEO, PaisaBazaar||₹1.20 crore, including ₹31 lakh compensation paid for FY2020||₹65 lakh|
|Sharat Dhall||COO, PolicyBazaar||₹1.24 crore, including ₹14 lakh for FY2020||₹35 lakh|
|Saurabh Tiwari||CTO, PolicyBazaar||₹1.27 crore, including ₹36.4 lakh paid for FY2020||₹44.9 lakh|
|Manoj Sharma||Director of finance and principal officer of Policybazaar||₹68 lakh, including ₹12 lakh for FY2020||₹19.6 lakh|
|Deepti Rustagi||Group head – legal and compliance, PB Fintech||₹70 lakh||₹38.3 lakh|
|Bhasker Joshi||Company Secretary and Compliance Officer, PB Fintech||₹22 lakh, including ₹1.8 lakh for FY2020||₹2.5 lakh|
Alok Bansal was re-appointed as a Whole-time Director of PB Fintech for a period of five years with effect from June 28, 2021. His revised remuneration would include a basic monthly salary ranging between ₹4 lakh to ₹12 lakh. Apart from this, he would be entitled to performance incentives on an annual basis, special allowances and more.
Besides the monetary remuneration, top management at PB Fintech have also been awarded with stock options under employee stock option plan (ESOPs)
|Name||Designation||No of option granted|
|Yashish Dahiya||Chairperson and CEO, PB Fintech||10,657,500|
|Alok Bansal||Whole Time Director and CFO, PB Fintech||4,567,500|
|Sarbvir Singh||Non-executive director appointed by founders, CEO at PolicyBazaar subsidiary||500,000|
|Naveen Kukreja||CEO, PaisaBazaar||175,000|
|Manoj Sharma||Director of finance and principal officer of Policybazaar||150,000|
|Bhasker Joshi||Company Secretary and Compliance Officer, PB Fintech||10,000|
PolicyBazaar’s Independent directors to make a cut from this fiscal
PB Fintech has appointed about 10 directors on its board as of today (August 2, 2021). This comprises two executive directors, three non-executive directors and five independent directors, including three females. The company expanded its board in June 2021, with the addition of independent directors.
These independent directors would draw a fixed pay of ₹24 lakh for five years, starting June 19, 2021. In addition, they will also be offered a sitting fee of ₹1 lakh per meeting. No other executive or non-executive board member, excluding Sarbvir Singh, earns any remuneration.
|Yashish Dahiya||Executive Director and CEO|
|Alok Bansal||Whole Time Director and CFO|
|Kitty Agarwal||Non-executive director (Nominee of Makesense Technologies)|
|Munish Ravinder Varma||Non-executive director (Nominee of SoftBank)|
|Sarbvir Singh||Non-executive director (Nominee of the founders), CEO at PolicyBazaar subsidiary|
|Kaushik Dutta||Independent director|
|Veena Vikar Mankar||Independent director|
|Lilian Jessie||Independent director|
|Nilesh Bhaskar Sathe||Independent Director|
|Gopalan Srinivasan||Independent Director|
Policybazaar is one of the subsidiaries of PB Fintech, which allows users purchase insurance policies online. Other subsidiaries of PB Fintech include online lending platform PaisaBazaar (launched in 2014) and healthtech venture DocPrime (launched in 2018), which lets visitors book consultations with doctors or schedule a range of medical tests.
SoftBank has been waiting for this for a long time, especially after the blow up of the WeWork IPO that nearly cost the company its Vision Fund II. Thanks to Indian fintech giants Paytm and PolicyBazaar, the Japanese conglomerate would have massive returns to show to the global investors.
SoftBank is planning to sell shares worth ₹1,875 crore in PolicyBazaar IPO. Meanwhile, the company’s CEO Yashish Dahiya would sell shares worth ₹250 crore and CFO Alok Bansal would sell shares worth ₹95 crore through the public issue.
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