PolicyBoss closes series B funding round, seeks to deepen last-mile presence

The investors include India SME Investments and Madhav Mirani (ex Co-founder, Ugam Solutions), prominent angel investor Jitendra Gupta and existing investor Sanjay Thakker.

The company was advised by Altrim Consultants in this round. The latest round leaves the company with a highly liquid balance sheet Rs 140 crore, the company’s press release said.

PolicyBoss will deploy these funds in harnessing its technology prowess to try and become India’s foremost insurance specific B2B2C platform.

The company is also seeking to deepen its last-mile presence to shape advisory-led distribution pan-India, it said.

According to Susheel Tejuja, Co-Founder and Managing Director at PolicyBoss, “We have the backing of marquee global investors with deep understanding of technology and analytics, and prominent individuals who have supported businesses in scaling up and changing the market. Our 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 experience of the insurance ecosystem. We want to be the go-to trusted platform for agents and customers further simplifying the decision-making process.”Mitin Jain, Managing Partner, India SME Investments said, “PolicyBoss has been a market leader in many of the insurance verticals and the firm’s discipline and focus on investing in technology to disrupt the market will make it a brilliant outlier in the InsurTech ecosystem. We believe that the teams’ understanding of the product and the insurance industry coupled with gold standard service will become its core differentiator.”PolicyBoss will use cutting-edge technology to deliver “transparent experiences to both its partners as well as end consumers,” it said.

The company is seeking to harness the power of social which will help end-consumers buy insurance without missing on the element of advisory from a trusted relationship, it added.

The company will consistently work towards making digital partners (POSPs) more skilled and productive, it further said.

The company will be enlisting more partners across the country and will help them elevate themselves from being seen as insurance agents to insurance advisors, it added.

The, one of India’s fastest growing insurance tech companies, has been ranked among the top 10 InsurTechs in India. It has a network of over 30 offices across 25 cities and a partner network spread over 800+ locations. According to the company, it has served over 5 million customers.