India's largest insurance aggregator Policybazaar has filed for an IPO that could raise up to 60.18 billion rupees ($809 million), joining a growing list of startups preparing to tap capital markets as India's digital economy booms.

According to a public notice published, the SoftBank Group Corp.-backed startup has filed preliminary documents with the market regulator to raise up to 37.5 billion rupees through the sale of new shares. Existing shareholders will seek to sell shares worth up to 22.68 billion rupees. The startup's parent company, PB Fintech Pvt, has stated that it may consider a 7.5 billion rupee pre-IPO stock placement.

Policybazaar is a Gurgaon-based Indian insurance aggregator and multinational financial technology company. Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar founded the company. It offers a digital platform – a website and an app – through which users can compare financial services from major insurance companies.

Policybazaar, which is also backed by Tiger Global Management and Tencent Holdings Ltd., was founded in 2008 to address the country's large under-insured population of 1.3 billion people. It joins an Indian tech funding boom that accelerated after Zomato Ltd.'s July debut received a rousing response from investors, sending its stock up roughly 80% since then. More than a dozen startups are preparing to go public in the next 18 months.

Policybazaar allows users to compare the costs and features of life, health, auto, travel, and property insurance policies from dozens of providers. Customers avoid traditional agents or middlemen, who typically promote incentive-based policies.

Its customer service representatives assist customers in submitting claims, redeeming paybacks, and amending policies. When announcing its IPO plans last year, its founder and CEO Yashish Dahiya told Bloomberg News that Indians have a pressing need for insurance coverage.

Despite the prevalence of chronic diseases such as diabetes and high blood pressure, he claims that most middle-class Indians have not arranged adequate coverage for health setbacks or purchased life insurance.

Policybazaar operates in a competitive market. Fintech startups such as Acko General Insurance, which is backed by Amazon.com Inc., and Paytm parent One97 Communications Ltd., which is backed by Alibaba Group Holding Ltd., are racing to break the state-backed insurers' stranglehold on a tightly regulated financial services segment. Paytm has also made a regulatory filing for its own stock market debut, expected later this year.