Policybazaar.com, one of India’s foremost insurance aggregator platforms, plans to come out with an IPO in 2021 at an approximate valuation of $3.5 billion. It will first secure $250 million before Sep-21. It is not clear whether they will look to launch in multiple global markets. Softbank, Tiger Global, Temasek and Tencent are the backers of Policybazaar.com.

Policybazaar.com will list on the NSE and the BSE but will also consider listing abroad in markets like Singapore and London for better visibility. Of course, it will be subject to extant rules and statutory approvals. India is looking to tweak regulations to help companies list overseas. Softbank and Temasek hold 15% each in Policybazaar.com.

Policybazaar.com is trying to tap a large population of uninsured or under-insured Indians. Overall insurance penetration in India is less than 4%. Insurance industry is expected to touch $280 billion revenues this year and will grow 15% annually over next 5 years. The company already sells about a million policies each month.

As an aggregator, Policybazaar.com allows customers to compare life, health, auto, travel and property insurance policies from 40 insurers without going through agents. Its sister unit, Paisabazaar.com facilitates loans, credit cards and also sells mutual funds on its platform. Policybazaar.com will also look at synergies with its group unit.