Indian online insurance aggregator PolicyBazaar files for IPO

The company aims to raise $809m through the IPO.

SoftBank-backed Indian online aggregator, PolicyBazaar, has filed for an initial public offering (IPO) with goals to raise $809m.

The insurer plans to raise $504m through the issuance of new sales whilst the remaining will come from the sale of shares from existing investors.

The founders themselves are expected to sell their shares, a total of $52m.

PolicyBazaar serves as an aggregator that allows users to compare 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.

Founded in 2008, PolicyBazaar is India’s largest insurance marketplace that allows users to compare and buy policies from different insurance categories. The company claims to have a 93% market share of the country’s online insurance aggregation business and over 65% of the policies sold online were through its platform.

Aside from its operations in India, PolicyBazaar is also active in the Middle East.