Earlier in March, Policybazaar raised $75 million in funding led by US-based Falcon Edge Capital.
April 08, 2021 / 09:35 AM IST
Policybazaar plans to lift about $500 million and will worth at over $3.5 billion
SoftBank-backed insurance coverage platform Policybazaar is gearing to go public earlier than the tip of this 12 months. The agency is planning to file a draft prospectus subsequent month for its preliminary public providing (IPO).
Policybazaar plans to lift about $500 million, Bloomberg reported citing folks accustomed to the matter.
The providing might worth Policybazaar at over $3.5 billion and would contain new shares and secondary shares from current shareholders, sources instructed the publication.
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Discussions are underway and finer particulars, together with the scale and timing of the IPO should change, the report stated.
Policybazaar and SoftBank representatives refused to touch upon IPO plans, the report stated.
Moneycontrol couldn’t independently confirm the report.
Policybazaar could possibly be among the many first of India’s startup to go public this 12 months. Others embody meals supply app Zomato and wonder care chain Nykaa.
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Earlier in March, Policybazaar raised $75 million in funding led by US-based Falcon Edge Capital. The corporate will deploy the capital to increase its providers within the UAE and West Asia.
New investor Bay Capital backed PB Fintech, the holding firm of PolicyBazaar, in a secondary transaction in March.
Based in 2008, Gurgaon-based insurance coverage aggregator become a unicorn after SoftBank led an over $200 million financing within the firm in 2018.
Policybazaar gives a platform that enables prospects to check auto, well being, life and private insurance coverage insurance policies. The portal hosts greater than 100 million guests a 12 months and sells 4,00,000 insurance coverage insurance policies every month, in response to its web site.