Indian Insurance platform, PolicyBazaar plans on conducting an initial public offering (IPO) next year with a US$500 million IPO and US$3.5 billion valuation, making it to become the first Indian digital player to go public.
As per Crunchbase data, the insurtech has raised over US$625 million in June. With that, going public would mean access to an untapped digital insurance sector in the country.
According to Yashish Dahiya, co-founder and group chief executive, PolicyBazaar plans to list in Mumbai. Additionally, the insurtech has selected two to three IPO lead underwriters including many Wall Street banks and has previously supported with investments from SoftBank Group Corp’s Vision Fund, Tencent Holdings, and Tiger Global Management.
With a boom in the usage of Internet and mobile devices in India, PolicyBazaar has seen a surge in the number of consumers using its product and services, and now the insurance provider is looking forward to achieving the success like the SoftBank-backed, U.S based insurer- Lemonade Inc. which made its excellent debut last month. India’s current condition with growing economic uncertainties and low-insurance penetration rate will enable PolicyBazaar to fundraise in the coming weeks and invest in the country’s under-insured market with its life and P&C products.