Insurance web aggregator firm Policybazaar is seeking to go public with a valuation upwards of $3.5 billion, becoming the first fintech startup to come up with an IPO.
The startup plans to secure nearly $250 million at a $2 billion-plus valuation before a September 2021 initial public offering, co-founder Yashish Dahiya told Bloomberg News.
Currently the company is in the process of choosing IPO lead underwriters including several US-based banks, said Dahiya, chief executive officer of Policybazaar parent ETech Aces Marketing and Consulting Pvt.
"We have global interest and will raise in the coming weeks," Dahiya said from London, where he is currently based.
The company intends to list in Mumbai but if rules change it may consider dual listing.
Currently, India is tweaking rules to allow overseas listing. In India, for sensitive issues, listing of startups is not very simple as in countries including the US and Singapore where easy listing as well as other factors are rather flexible.