Policybazaar, an Indian online insurance platform funded by Softbank (45.3%, 0.12%, 0.27%), is planning to submit a draft prospectus for its initial public offering in Mumbai as early as next month, according to people familiar with the matter. The scale of financing may reach about $500 million.
The company is seeking to go public by the end of this year, with a target valuation of more than $3.5bn, sources said.
In addition to Softbank, the company’s investors include tiger global and Singapore sovereign wealth fund Temasek group. The company is expected to be one of the first large start-ups to go public in India this year.