Indian online insurance aggregator PolicyBazaar has filed for an initial public offering in which it is seeking to raise $809 million, becoming the fourth startup in the past two months from the South Asian market to explore public markets.
In papers submitted to the market regulator in India, PolicyBazaar said it is looking to raise $504 million by issuing new shares while the rest will be driven by sale of shares by existing investors.
The 12-year-old startup — backed by SoftBank, Falcon Edge Capital, Tiger Global, and InfoEdge — said it may consider raising about $100 million in a pre-IPO round. Softbank plans to sell shares worth over $250 million,