Policybazaar, an online insurance aggregator, has raised over Rs 2,569 crore from 155 anchor investors, including HDFC Life, ICICI Prudential, Bajaj Allianz Life, SBI General Insurance, and Max Life Insurance.

Bids for the anchor slot of the SoftBank-backed startup's initial public offering (IPO) were over 40 times higher, with investors including Fidelity, Baillie Gifford, Dragoneer Group, BlackRock, and others taking part.

Existing investors in PB Fintech – the parent company of Policybazaar – Steadview Capital, Tiger Global, and Falcon Edge have increased their stake in the company with the anchor investment.

Policybazaar is a Gurgaon-based insurance aggregator and global financial technology firm. Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar launched the company in June 2008.

“The investment from insurance companies, who know the company well, is a validation. The overall bids in the anchor investment slot were 40 times higher,” a person aware of the matter said.

The initial public offering (IPO) of Policybazaar will begin on November 1 and end on November 3.

SoftBank led the IPO with a fresh issue of Rs 3,750 crore and an offer for sale (OFS) of more than Rs 1,900 crore.

For the IPO, it has established a price range of Rs 940-Rs 980 per share. The company plans to go public at a $6.15 billion value.

Sources reported earlier this week that PB Fintech will continue to prioritise long-term growth over short-term profits, citing cofounder and chairman Yashish Dahiya.

“Even in our conversations with prospective anchor investors, we have communicated that we will continue to grow the business as-is and we have received tremendous support from them,” says, Dahiya.