Kejriwal, who split up with Anna Hazare recently, reiterated that there was no rift between them.
Discussing his political outfit, he said: "People will give us money - they will campaign, they will fight the elections."
He said the party would contest assembly elections in Delhi next year.
Key aide Manish Sisodia said that the name of the party would be announced on November 26, while the formation of the political outfit will be announced later in the day.
"The movement which fought for a Jan Lokpal will now contest elections," Sisodia said, adding that November 26 was decided as the date for naming the party as the Constituent Assembly had adopted the Constitution on that day in 1949.
Replying to a question on Hazare supporting the outfit, Kejriwal said: "It is a test for us. If we put up good candidates, Anna will support."
The Bharatiya Janata Party (BJP) welcomed the move, saying all Indians had the right to contest elections.
"There are so many political parties and it is good they are floating a party. All citizens have the right to form a party and contest elections," said BJP leader Shahnawaz Hussain.
(With agency inputs)