(Yicai Global) Aug. 11 -- China’s Waterdrop reportedly raised almost USD200 million earlier this year, boosting the internet-based medical insurance unicorn’s valuation to USD2 billion.

The lead investor in the D series fundraising was a large international insurer, Sina.com reported today, citing an insider. It gave no further details. A spokesperson for Waterdrop declined to comment.

The Beijing-based company plans to file for an initial public offering at the end of this year or early next, seeking a market cap of USD4 billion to USD6 billion, the insider said in response to speculation about a potential IPO. The company is in talks with Goldman Sachs and Bank of America to select an underwriter. It would prefer to list in the US, the Beijing News reported last month.

Waterdrop has completed at least four rounds of financing, securing CNY1.71 billion (USD246 million) in total. Investors include Tencent Holdings, Meituan Dianping, and IDG.

Founded in 2016 by former Meituan Dianping employee Sheng Peng, Waterdrop provides shared medical insurance and supports low-income patients with funds through Waterdrop Insurance, Waterdrop Crowdfunding, and Water Drop Mutual Aid.

Editor: Peter Thomas