TPG Backed InsurTech PolicyBoss Closed Series B with India SME Investments
News Desk, News Nation 360 : PolicyBoss, one of India’s fastest-growing InsurTech players today announced that it has closed its series B round of investment with a consortium of investors including India SME Investments and Madhav Mirani, (Ex-Co-founder–Ugam Solutions) and prominent Angel Investor – Jitendra Gupta, amidst continued backing by TPG Growth and Sanjay Thakker, its existing investor. Apart from this, other existing investors have also participated in this round including the leadership team. Altrim Consultants advised PolicyBoss for this round. PolicyBoss will invest these funds in harnessing its technology prowess into becoming India’s foremost insurance-specific B2B2C platform. PolicyBoss will also deepen its last-mile presence to shape the advisory-led distribution pan-India. Post this fundraiser, the company boasts of a highly liquid balance sheet size of Rs. 140 Cr+. PolicyBoss will be using cutting-edge technology to deliver transparent experiences to both its partners as well as end consumers. PolicyBoss envisions harnessing the power of social which will help end consumers buy insurance without missing the element of advisory from a trusted relationship and the company will consistently work towards making digital partners (POSPs) more skilled and productive. Over time, the company will be enlisting more partners across India and will help them elevate from being seen as insurance agents to insurance advisors. Susheel Tejuja, Co-Founder and Managing Director at PolicyBoss said on the fund infusion that they have the backing of marquee global investors with a deep understanding of technology and analytics, and prominent individuals who have supported businesses in scaling up and changing the market. Their investors are visionaries, who can help PolicyBoss achieve its vision of comparison, convenience and advisory, all at the click of a button. The infusion of funds strengthens our resolve to provide a state-of-the-art InsurTech platform that will holistically elevate the experience of the insurance ecosystem. They want to be the go-to trusted platform for agents and customers further simplifying the decision-making process. A new-age InsurTech company, PolicyBoss aims to revolutionize the Indian customer’s insurance experience with its hands-on consultative approach. It’s a B2B2C player keen on changing the perception of insurance by providing customers with simple, transparent and spam-free interactions backed by a robust technology framework.
Report : Anustup Kundu