Landmark Insurance Brokers Pvt Ltd, which operates the insurtech startup PolicyBoss, has secured Series B funding from investors including India SME Investments and existing investor TPG Growth.
Angel investors Madhav Mirani, co-founder of Ugam Solutions, and Jitendra Gupta also joined the round, the startup said in a statement. It didn’t disclose the amount it raised.
The Mumbai-based startup plans to use the fresh funding towards expanding its presence in Tier II and III cities in India, diversify its product offerings, and develop its technology stack.
Founded in 2001, PolicyBoss is an insurtech startup which operates in the business-to-business-to-consumer (B2B2C) space and their offerings range from health, life, motor, travel, cyber and commercial lines’ insurance catering to individuals, small and medium enterprises (SMEs) and corporates.
“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
The company claims to have ended FY23 with annualized premium run rate at Rs 1,500 crore. It claims to have a network of over 30 offices across 25 cities and a partner network spanning 800 locations and claims to have served 5 million customers. It aims to increase its partner network to over 200,000 agents by FY27.
In 2015, the startup raised $10 million in a funding round from US-based private equity major TPG Growth.
The PE firm has previously backed companies such as Dream11, FirstCry, BookMyShow, Fourth Partner, Manipal Hospitals and Reliance Retail. In March, TPG marked a complete exit from shoemaker Campus Activewear Ltd, VCCircle reported at the time.
Meanwhile, PE firm India SME Investments invests in early growth-stage companies primarily based out of Tier II and III cities. It mainly invests in the fintech, retail, branded food processing, manufacturing and B2B platform sectors. It has concluded 12 investments and exited one investment. The firm counts startups like Magicrete, Simpolo Ceramics, Kushal’s and KreditBee amongst others as part of its portfolio.
In the insurtech sector, New York-based Goldman Sachs Asset Management and homegrown mid-market PE firm TVS Capital led a $150 million investment in InsuranceDekho in the largest Series A round of funding by an insurtech startup in India, in February 2023.