According to a regulatory filing, PF Fintech, the parent company of SoftBank-backed Policybazaar, is aiming to raise up to Rs 6,500 crore ($870 million) through an IPO.
At the Extraordinary General Meeting (EGM) on July 5, the firm gained approval for an IPO.
It also indicated in its filing that, in addition to a new stock offering, it may accept offers for sale from some of its investors. The business has also approved a special resolution renaming it PB Fintech Ltd and changing its status from a private limited company to a public corporation.
According to news reports, the Gurgaon, Harayana-based startup is planning to come out with an IPO by December this year. After Zomato and Paytm, Policybazaar will be third new-age tech acompany to get listed on the Indian bourses this year. Paytm filed the DRHP and intends to raise Rs 16,600 crore.
Founded in 2008 by Yashish Dahiya, Policybazaar’s investors include Softbank, Tencent, Azim Premji-owned PremjiInvest, Falcon Edge Capital, and Tiger Global, among several others. It has raised a total of $766.6 million in over 13 rounds, so far, according to data aggregator Crunchbase.
According to reports, Policybazaar posted a loss of Rs 218 crore in FY20, compared to a loss of Rs 213 in FY19. The company recently received an insurance broking licence from the IRDAI.
