Insuretech startup PolicyBoss has raised an undisclosed amount of funding in Series B round from a consortium of investors, including India SME Investments and Madhav Mirani, (Co-founder, Ugam Solutions) and angel investor Jitendra Gupta, along with existing investors TPG Growth and Sanjay Thakker. Altrim Consultants was the advisor for the round.
The startup said it will use the freshly raised capital to double down on its technology prowess, as well as deepen its last-mile presence pan-India. Post this fundraise, PolicyBoss claims to have a liquid balance sheet of Rs 140 crore.
“We are one of the few players in this industry who’s profitable, having generated a premium of approx Rs 1,000- 15,000 Cr in last fiscal,” said Susheel Tejuja, Co-founder and MD at PolicyBoss.
The Mumbai-based startup ended FY23 with an annualised premium run rate in excess of Rs 1,500 crore. It aims to increase its partner network to over 200,000 agents by FY 2027.
In April 2016, its parent entity, Landmark, had raised approximately Rs 65 crore-Rs 70 crore through equity dilution, according to a report by The Economic Times. With this infusion, the US-based private equity major TPG Growth also acquired a 26% stake in the company.
According to PolicyBoss, the latest fundraise is larger than the previous round, but the company did not disclose the amount.
So far, the startup has raised $10 million in funding, according to Tracxn data.
“We have the backing of marquee global investors with deep understanding of technology and analytics, and prominent individuals who have supported businesses in scaling up and changing the market,” said Susheel Tejuja, Co-founder and MD at PolicyBoss.
Founded in 2001, PolicyBoss operates in the business-to-business-to-consumer (B2B2C) space, with insurance products across health, life, motor, travel, cyber, and commercial lines catering to individuals, small and medium enterprises (SMEs), and corporates.
“We believe that the teams’ understanding of the product and the insurance industry coupled with gold standard service will become its core differentiator,” added Mitin Jain, Managing Partner, India SME Investments.
Some of the other players in this sector include , , , and
