SoftBank and Tencent-backed online insurance platform Policybazaar has submitted an IPO application to Indian regulators, planning to raise up to 60.18 billion rupees ($809 million) through an offering of new shares, joining a growing number of startups ready to enter the capital market.

According to an announcement made Monday, the company has filed preliminary documents with market regulators and plans to raise up to 37.5 billion rupees through an offering of new shares. In addition, existing shareholders will seek to sell up to 22.68 billion rupees worth of shares.

Founded in 2008, Policybazaar's investors include Tiger Global Management. The company is trying to capitalize on the funding rush for Indian tech stocks, which soared about 80 percent last month after the IPO of the Indian takeaway platform Zomato received an enthusiastic response from investors. More than a dozen other startups are now preparing to go public in the next 18 months.