Landmark Insurance Brokers Pvt Ltd, which operates insurtech startup PolicyBoss, has raised Series B funding from investors including India SME Investments and existing investor TPG Growth.
Angel investors Ugam Solutions co-founder Madhav Mirani and Jitendra Gupta also joined the round, the startup said in a statement. The amount raised was not disclosed.
The Mumbai-based startup plans to use the new funding to expand its presence in India’s tier-2 and tier-3 cities, diversify its product offering and expand its technology portfolio.
Founded in 2001, PolicyBoss is an insurtech startup operating in the Business-to-Business-to-Consumer (B2B2C) space, with their offerings ranging from health, life, motor, travel, cyber and commercial lines of insurance catering to individuals and small individuals. Medium Enterprises (SMEs) and Corporates.
“The infusion of funds will help us deliver a state-of-the-art insurtech platform that will enhance the experience of the insurance ecosystem. We want to be the platform for agents and consumers that makes the decision-making process simpler. Sushil Tejuja, Co-Founder and Managing Director, Polisibos said
The company claims to have ended FY2023 with an annual premium run rate of Rs 1,500 crore. It claims to have served 5 million customers with a network of over 30 offices across 25 cities and a partner network spread across 800 locations. It aims to increase its partner network to over 200,000 agents by FY2027.
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 like Dream11, FirstCry, BookMyShow, Forth Partner, Manipal Hospitals and Reliance Retail. In March, TPG completely exited shoe maker Campus Activewear Ltd., VCC Circle reported at the time.
Meanwhile, PE firm India SME Investments primarily invests in early growth stage companies based in Tier II and III cities. It mainly invests in fintech, retail, branded food processing, manufacturing and B2B platform sectors. It closed 12 investments and exited one investment. The company counts startups like Magicrete, Simpolo Ceramics, Kushals and Creditbee as part of its portfolio.
In the insurtech space, New York-based Goldman Sachs Asset Management and homegrown mid-market PE firm TVS Capital invested $150 million in insurance Dekho in February 2023, the largest Series A round of funding for an insurtech startup in India.