TPG backed InsurTech PolicyBoss closes Series B with India SME Investments amongst a consortium of investors
Mumbai : PolicyBoss, one of India’s fastest growing InsurTech player on Tuesday announced that it has closed its series B round of investment with a consortium of investors’ including India SME Investments and Madhav Mirani, (Ex-Co-founder–Ugam Solutions) and prominent Angel Investor – Jitendra Gupta, amidst continued backing by TPG Growth and Sanjay Thakker, its existing investor. Apart from this, other existing investors have also participated in this round including the leadership team. Altrim Consultants advised PolicyBoss for this round. PolicyBoss will invest these funds in harnessing its technology prowess into becoming India’s foremost insurance specific B2B2C platform. PolicyBoss will also deepen its last-mile presence to shape the advisory-led distribution pan-India. Post this fund raise, the company boasts of a highly liquid balance sheet size of Rs. 140 Cr+
Susheel Tejuja, Co-Founder and Managing Director at PolicyBoss said on the fund infusion, “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. Our investors are visionaries, who can help PolicyBoss achieve its vision of comparison, convenience and advisory, all at the click of a button. The infusion of funds strengthens our resolve to provide a state-of-the-art InsurTech platform that will holistically elevate experience of the insurance ecosystem. We want to be the go-to trusted platform for agents and customers further simplifying the decision-making process.”
Mitin Jain, Managing Partner, India SME Investments said, “PolicyBoss has been a market leader in many of the insurance verticals and the firm’s discipline and focus on investing in technology to disrupt the market will make it a brilliant outlier in the InsurTech ecosystem. We believe that the teams’ understanding of the product and the insurance industry coupled with gold standard service will become its core differentiator.”
PolicyBoss will be using cutting-edge technology to deliver transparent experiences to both its partners as well as end consumers. PolicyBoss envisions to harness the power of social which will help end consumers buy insurance without missing on the element of advisory from a trusted relationship and the company will consistently work towards making digital partners (POSPs) more skilled and productive. Over time, the company will be enlisting more partners across India and will help them elevate from being seen as insurance agents to insurance advisors.
PolicyBoss has been ranked among the top 10 InsurTechs in India. It is among India’s fastest growing InsurTech companies with a network of over 30 offices across 25 cities and a partner network spanning 800+ locations, having served over 5 million customers. PolicyBoss is amongst the few players in this market who charge an onboarding fee for enrolling its digital partners (PoSP) and is profitable. PolicyBoss ended FY23 with annualized premium run rate in excess of Rs. 1,500 crores. PolicyBoss aims to increase its partner network to over 200,000 agents by FY 27. In 2015, the US-based private equity major TPG Growth acquired stakes in PolicyBoss.