Policybazaar, an Indian online insurance platform, is set to prepare initial public offering (IPO) next month, to raise about $500 million, according to people familiar with the matter. As the information is private, the people who preferred their identities disclosed said that SoftBank Group Corp is on the lookout for a listing before year-end.

Recently, the platform got a capital boost ahead of its IPO for the next 12-15 months, by Bay Capital, an investment management firm.

As per details by Bloomberg News, Policybazaar, regarded as Tiger Global management and Temasek Holdings Pte, among its backers, may have the chance to become India’s first biggest startups to go public this year. Also, Zomato, the online food delivery platform, Nyka E-retail Pvt.Ltd and other prominent Indian tech companies are eagerly seeking for IPOs in the local market.

In addition, major financial global giants have poured billions of dollars into India’s tech industry upon seeing its vast growth at a vigorous rate. Though Amazon.com Inc. founder Jeff Bezos has said that "the 21st century is going to be the Indian century," Facebook Inc. and Alphabet Inc.'s Google are pouring money into collaborations with local operator Jio Platforms Inc.

This offering could fetch Policybazaar a value of above $3.5 billion, with the inclusion of fresh stocks as well as secondary shares from existing shareholders, said the people. They also proclaimed that negotiations are underway and they believe that possible changes may occur in details regarding size and timing.

Policybazaar is a platform that allows consumers to compare auto, fitness, life, and personal insurance plans. It was created in 2008. According to its website, the portal receives over 100 million users a year and offers 400,000 insurance plans per month.