Online insurance marketplace Policybazaar is to embark on an initial public offering that could rally $809m if it secures the loftier end of its price range.
The SoftBank-backed startup follows a string of other tech-based emerging companies preparing to ride India’s booming digital economy wave.
Policybazaar will sell off new shares, according to a public notice published today, while existing shareholders look to shed some 22.68bn rupees worth of shares.
The insurance startup, also backed by Tencent, will likely reap the benefits of India’s foreign investment frenzy, which has seen international investors pile into startups coming out of the country.
The Gurgaon-based firm allows users to compare prices and features of life, health, auto, travel and property insurance policies from different providers – much like the UK’s Compare the Market.
Policybazaar already has a few rival startups with heavyweight backing – like Amazon-backed Ack General Insurance and Alibaba and SoftBank-backed Paytm.
Rival Paytm also tabled plans for a $2.2bn initial public offering (IPO) last month, as the pandemic has stoked India’s digital economy.
Japan’s SoftBank has been a keen investor in startup’s making headway on the digital market’s growth as it has pumped capital behind PolicyBazaar, Paytm and Flipkart – which bagged a $37bn valuation in mid-July.