Gurugram-based online insurance aggregator PolicyBazaar, along with its lending platform Paisabazaar, is exploring IPO prospects, and is planning for the public listing by next year. The company aims to raise its value from the existing $500 Mn to $1.5 Bn through the IPO, reports TOI

Founded by Alok Bansal and Yashish Dahiya in 2008, the startup is one of the leading platforms for online insurance aggregation. With investors including Info Edge (India), Intel Capital, Tiger Global Management, Inventus Capital Partners and Ribbit Capital, the company has successfully closed Series E funding and raised $163.6 Mn since its foundation. Recently, the online insurance aggregator had raised $77 Mn (INR 500 Cr) equity funding in a round led by global asset management firm, Wellington Management. The round also saw participation from IDG Ventures India and PE firm True North.

Speaking to TOI, cofounder and CEO of PolicyBazaar Yashish Dahiya affirmed, “The company met around 15 investment banks, each of which was given a short time to pitch. There is a lot of interest in the IPO which should happen by next year. We met investment bankers a few days ago as well, but we are yet to decide on an IPO or its timing.”

PolicyBazaar also plans to diversify its online financial services arm / lending platform Paisabazaar to extend its services like facilitating personal loans, credit cards, and loans against property, to selling mutual funds and healthcare services like doctor appointments on its site.

Besides MakeMyTrip, Info Edge and Just Dial, recently, online matchmaking portal BharatMatrimony had gone for an IPO. However, for Indian startup ecosystem, going for public listing has been rare. While most of the startups have not reached Series D funding stage yet, cash-rich Flipkart, recently valued at $9.36 Bn continues to avert IPOs despite having planned initially. Besides the online insurance aggregator PolicyBazaar, Mumbai-based Bharat Serum has also planned to raise $310 Mn (INR2,000 Cr) by diluting 30% stakes through an IPO, next year. Mobile gaming startup Nazara Technologies and logitech startup Delhivery are some other startups, reportedly planned to go public in 2018.

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