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 * TPG-backed insurtech startup PolicyBoss pockets Series B cash


TPG-BACKED INSURTECH STARTUP POLICYBOSS POCKETS SERIES B CASH

By K Amoghavarsha

 * 06 Jun 2023

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Susheel Tejuja, co-founder and managing director, PolicyBoss

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.  

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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.  

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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.  

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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. 


PolicyBossIndia SME InvestmentsinsurtechTPG Growth

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