Insurance tech firm PolicyBoss has recently concluded its Series B funding round with investments from a consortium of investors, including India SME Investments, former co-founder of Ugam Solutions Madhav Mirani, and angel investor Jitendra Gupta. Existing investors TPG Growth and Sanjay Thakker, promoter and chairman of the Landmark Group, also participated in the funding.
Although the exact funding amount was not disclosed, a spokesperson mentioned that it falls within the range of Rs 70 crore to Rs 140 crore. PolicyBoss plans to utilize the funds to enhance its technological capabilities. Co-Founder and Managing Director, Susheel Tejuja, expressed confidence in providing an advanced InsurTech platform to elevate the insurance ecosystem’s overall experience.
Managing Partner at India SME Investments, Mitin Jain, praised PolicyBoss for its understanding of the insurance industry and commitment to delivering excellent service, which he believes will set the company apart.
As a B2B2C insurance broker, PolicyBoss serves over 40 insurance companies, catering to five million customers across 800 locations. The company concluded the financial year 2023 with an annual premium run rate of Rs 1,500 crore, offering insurance products for various categories, including cars, bikes, commercial vehicles, travel, health, and small and medium enterprises. The company also provides group insurance products for MSMEs, encompassing group medical cover, group personal accident, group term life insurance, liability products, and fire, marine, and cargo insurance.
India SME Investments, based in Mumbai, specializes in early-stage investments in small and medium enterprises located in tier two and three cities. The firm has previously invested in jewelry design firm Kushal’s, fintech NBFC Krazybee, and stainless steel pipes and tubes manufacturer Venus Pipes, among others.
