Insurtech Startup PolicyBoss Secures Series B Funding, Supported by TPG
- ByStartupStory | June 6, 2023
Insurtech startup PolicyBoss, operated by Landmark Insurance Brokers Pvt Ltd, secures Series B funding from investors including India SME Investments and existing investor TPG Growth. Angel investors Madhav Mirani and Jitendra Gupta also participate in the funding round. The Mumbai-based startup intends to utilize the raised funds to expand its footprint in Tier II and III cities in India, enhance its product portfolio, and advance its technology infrastructure. The exact amount of funding remains undisclosed.
Established in 2001, PolicyBoss is an insurtech startup operating in the lucrative business-to-business-to-consumer (B2B2C) sector. The company provides a wide array of insurance solutions, including health, life, motor, travel, cyber, and commercial lines. Its offerings cater to individuals, small and medium enterprises (SMEs), and corporate clients.
“The infusion of funds will help us to provide a state-of-the-art insurtech platform that will improve the experience of the insurance ecosystem. We want to be the go-to platform for agents and customers further simplifying the decision-making process.” said Susheel Tejuja, co-founder and managing director, PolicyBoss
PolicyBoss reported an impressive achievement, concluding FY23 with an annualized premium run rate of Rs 1,500 crore. With a robust presence, the company boasts a network of more than 30 offices in 25 cities and an extensive partner network encompassing 800 locations. Having served 5 million customers to date, PolicyBoss has ambitious plans to expand its partner network to over 200,000 agents by FY27.
Back in 2015, PolicyBoss secured a substantial $10 million in funding from renowned US-based private equity firm TPG Growth. Notably, TPG Growth has a track record of backing successful ventures including Dream11, FirstCry, BookMyShow, Fourth Partner, Manipal Hospitals, and Reliance Retail. Earlier this year, TPG made headlines with a complete exit from its investment in shoemaker Campus Activewear Ltd, as reported.
India SME Investments, a prominent private equity firm, specializes in investing in early growth-stage companies primarily located in Tier II and III cities. With a focus on sectors such as fintech, retail, branded food processing, manufacturing, and B2B platforms, the firm has successfully completed 12 investments and executed one exit. Notable startups in its portfolio include Magicrete, Simpolo Ceramics, Kushal’s, and KreditBee, among others.
InsuranceDekho, an insurtech startup, secured a significant $150 million investment in its Series A funding round, led by renowned global firm Goldman Sachs Asset Management and prominent Indian mid-market private equity firm TVS Capital. This funding milestone, achieved in February 2023, marks the largest Series A funding round by an insurtech startup in India.
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