Credit and Finance for MSMEs: The company declined to share the amount of funding, however, the spokesperson mentioned that it is in the range of Rs 70 crore to Rs 140 crore.
Credit and Finance for MSMEs: PolicyBoss, the insurance tech firm, on Tuesday, announced that it has closed its Series B round of investment from a consortium of investors including Indian SME investments, Madhav Mirani (former co-founder of data and analytics service provider firm Ugam Solutions) and angel investor Jitendra Gupta. Its existing investors private equity major TPG Growth and Sanjay Thakker, promoter and chairman of the Landmark Group, also participated in the funding round.
The company declined to share the amount of funding, however, the spokesperson mentioned that it is in the range of Rs 70 crore to Rs 140 crore.
On its growth strategy, the firm plans to deploy the funding amount in building its technology capability. Susheel Tejuja, Co-Founder and Managing Director, PolicyBoss said, “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.”
Mitin Jain, Managing Partner, India SME Investments said, “We believe that the teams’ understanding of the product and the insurance industry coupled with gold standard service will become its core differentiator.”
PolicyBoss works as a B2B2C insurance broker with over 40 insurance companies serving five million customers across 800 locations. The firm ended the financial year 2023 with an annual premium run rate of Rs 1,500 crore by offering insurance products for cars, bikes, commercial vehicles, travel, health and small and medium enterprises. For MSMEs, PolicyBoss provides group insurance products such as group medical cover, group personal accident, group term life insurance, liability products, and fire, marine and cargo insurance.
India SME Investments is a Mumbai-based private equity firm, which focuses on early-stage investments in small and medium enterprises based in tier two and three cities. The firm has backed jewellery design firm Kushal’s, a fintech NBFC Krazybee and stainless steel pipes and tubes manufacturer Venus Pipes among others.