Insuretech startup PolicyBoss has said that it has raised an undisclosed amount of funding in Series B round from a consortium of investors, including India SME Investments and Madhav Mirani, (Co-founder, Ugam Solutions) and angel investor Jitendra Gupta, along with existing investors TPG Growth and Sanjay Thakker. Altrim Consultants was the advisor for the round.
The business plans to use the new capital to expand its technology sector and extend its last-mile footprint across India. PolicyBoss claims to have a Rs 140 crore liquid balance sheet following the latest fundraising round.
The Mumbai-based firm finished FY23 with an annualised premium run rate in excess of Rs 1,500 crore. It intends to expand its partner network to over 200,000 agents by FY 2027.
According to a few media reports, Landmark, the parent company, raised around Rs 65 crore to Rs 70 crore through share dilution in April 2016. TPG Growth, a private equity firm based in the United States, also purchased a 26 per cent share in the company.
According to PolicyBoss, the latest funding is larger than the prior round, but the company did not disclose the amount. So far, the startup has raised nearly USD 10 million in funding, according to Tracxn data.
PolicyBoss was founded in 2001 and works in the business-to-business-to-consumer (B2B2C) arena, offering insurance products in the health, life, auto, travel, cyber, and commercial lines to individuals, SMEs, and corporates.
PolicyBazaar, Turtlemint, Coverfox Insurance, and InsuranceDekho are some of the other participants in this space.