TPG-Backed PolicyBoss Bags Series B Funding From India SME Investments

Mumbai-based insurtech platform PolicyBoss has raised an undisclosed amount in its Series B funding round. The round saw participation from a consortium of investors’  including India SME Investments and Madhav Mirani along with Jitendra Gupta among others. PolicyBoss said it continues to enjoy the support of US-based PE firm TPG Growth. 

Further, PolicyBoss said it will utilise the fresh capital to improve its technology and also expand its advisory-led distribution network across the country. 

Founded in 2002, PolicyBoss is an insurance aggregator which lists insurance related to health, automobile, travel on its platform. The startup on its platform allows users to compare between multiple insurance plans and even has an advising team for unintended customers. 

PolicyBoss first received investment from PE major TPG in 2015 in exchange for stakes. In 2016, TPG went on to acquire 26% stake in Landmark Insurance, the parent entity of PolicyBoss. Back then it was reported that Landmark had raised INR 65 Cr – INR 70 Cr in dilution. 

PolicyBoss claims to run more than 30 offices across 25 cities with a partner network across over 800 locations and has served over 5 Mn users. 

Insurtech as a sector has been growing at a stupendous space especially since the pandemic. The sector is the second fastest growing sub sector in the fintech segment. According to Inc42’s State Of Indian Fintech Report Q1 2023, after lendingtech sector – which is currently facing headwinds due to increased scrutiny by the RBI – insurtech is expected to grow at 17% CAGR to $307 Bn in 2030. In 2022, the sector’s market size was $87 Bn. 

Amidst the funding winter, the insurtech sector continued to raise capital. The sector raised close to $988 Mn across 46 deals in the last two years. While TurtleMint raised $120 Mn in Series E funding in April last year, Noida-based insurtech startup Zopper raised $75 Mn in its Series C funding round late last year. The sector has also seen Policybazaar to go public bourses while another insurance aggregator Digit Insurance awaits SEBI’s approval for its DRHP.

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