The Mumbai IPO could rake in nearly $500m, reported Bloomberg. Credit: Ayaneshu Bhardwaj on Unsplash

Indian insurance aggregator Policybazaar is reportedly prepping up to file a draft prospectus for an IPO next month.

The Mumbai IPO could rake in nearly $500m, reported Bloomberg citing people familiar with the issue.

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The offering could value the aggregator at more than $3.5bn, with plans on to go public before the end of 2021.

According to the report, it would involve new stocks and secondary shares from current shareholders.

However, Bloomberg stressed that talks on the matter are currently underway and size and timing of the offering could change.

Neither Policybazaar nor SoftBank – which backs the aggregator – has provided any official confirmation on the news.

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If the plans materialise, Policybazaar could be among the first of Indian startups to launch an IPO this year.

Indian multinational restaurant aggregator Zomato and online shopping beauty store Nykaa are the other companies planning to go public.

Set up in 2008, PolicyBazaar currently hosts over 100 million visitors a year and sells 400,000 insurance policies per month, as per its website.

Last month, Policybazaar’s UAE unit secured $75m investment from New York-based Falcon Edge Capital.

Earlier in 2021, it was reported that Abu Dhabi-based investment firm ADQ is set to invest $70m in Etechaces Marketing and Consulting, the parent of Indian Policybazaar.

EtechAces also runs Paisabazaar. The current backers of EtechAces include Tiger Global, SoftBank, Temasek, Inventus, Info Edge, Wellington, and Premji Invest.

In April last year, Bharti AXA General Insurance collaborated with PolicyBazaar to sell ‘Usage-based Motor Insurance’ policies for private car owners in India under the regulatory Sandbox project.