SoftBank-backed Policybazaar seeks to join India tech IPO train

Policybazaar was founded in 2008 to tap the large population of under-insured in a country of 1.3 billion people

Online insurance marketplace Policybazaar has filed for an initial public offering that could raise as much as Rs 6,018 crore rupees ($809 million), joining a growing list of startups preparing to tap capital markets as India’s digital economy booms.

The SoftBank Group Corp.-backed startup has submitted initial documents with the market regulator to raise up to Rs 3,750 crore via a sale of new shares, according to a public notice published Monday. Existing shareholders will seek to sell as much as Rs 2,268 crore worth of shares. PB Fintech Pvt, the startup’s parent, said it may consider a Rs 750 crore