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Indian Online insurer PolicyBazaar files an IPO
August 02, 2021
Indian online insurance aggregator PolicyBazaar has filed for initial public offering wherein it is trying to raise $809 million, turning into the fourth startup in the previous two months from the South Asian market to explore public markets
In papers submitted to the market regulator in India, PolicyBazaar said it is hoping to raise $504 million by giving 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 might consider raising about $100 million up in a pre-IPO round. Softbank plans to sell shares worth more than $250 million, while PolicyBazaar founders are looking to sell shares worth $52.7 million, they said in the papers.
PolicyBazaar serves as an aggregator that permits clients to think about and buy policies across categories including life, health, travel, auto and property from dozens of insurers on its website without having to go through conventional agents. It operates in India as well as the Middle East.
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