IndiaFirst Life Insurance Valuation, Funding & Investors

IndiaFirst Life Insurance is valued at $403M as of June 2018.

Last IndiaFirst Life Insurance valuation

$403M

Undisclosed stage · Jun 2018

Last IndiaFirst Life Insurance funding round

$105M

Undisclosed stage · Jun 2018

Cumulative funding IndiaFirst Life Insurance raised

$105M

across 1 funding round

Key investors in IndiaFirst Life Insurance

  • Warburg Pincus
  • BNP Paribas Cardif

IndiaFirst Life Insurance Overview

About IndiaFirst Life Insurance

IndiaFirst Life Insurance is a Mumbai-headquartered life insurer that delivers term plans, savings-linked policies, child education coverage, retirement annuities, and group credit life products. Established in 2009 as a joint venture between Bank of Baroda, Andhra Bank, and Legal & General, the company operates over 400 branches across India. It manages assets under management exceeding INR 15,000 crore and serves more than 5 million policyholders through digital platforms and agency networks. IndiaFirst partners with banks for bancassurance distribution and emphasizes rider options like critical illness and accidental death benefits in its portfolio.


Founded

2009

HQ

IndiaMumbai

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Valuation

$403M (Jun 2018)

IndiaFirst Life Insurance Valuation

IndiaFirst Life Insurance is currently valued at $403M, based on its undisclosed-stage round in June 2018. Read the announcement ↗

The $105M round was led by Warburg Pincus.

IndiaFirst Life Insurance valuation by funding round

IndiaFirst Life Insurance valuation by funding round
DateStageValuation
Jun 2018Undisclosed stage$403M

IndiaFirst Life Insurance Funding History

IndiaFirst Life Insurance has raised a total of $105M across 1 funding round, plus 1 secondary share sale.

IndiaFirst Life Insurance funding rounds

IndiaFirst Life Insurance funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2026SecondaryBNP Paribas Cardif (lead)---
Jun 2018Undisclosed stageWarburg Pincus (lead)$105M$403MWarburg Pincus agreed in June 2018 to buy Legal & General's 26% stake in IndiaFirst Life Insurance for about Rs 7.1 billion, with regulatory in-principle approval following in November 2018. The shares were bought through Carmel Point Investments India, a Warburg Pincus affiliate, and the transfer completed in early 2019. The other shareholders were Bank of Baroda, the majority owner, and Andhra Bank, later merged into Union Bank of India. IndiaFirst is a Mumbai-based life insurer set up in 2009 that sells protection and savings products mainly through its bank partners. The investment gave the insurer a private equity partner ahead of its planned growth and listing. Warburg agreed to sell the stake to BNP Paribas Cardif in July 2026.

Who has invested in IndiaFirst Life Insurance?

2 investors have backed IndiaFirst Life Insurance across its funding rounds, including Warburg Pincus and BNP Paribas Cardif.

Lead investors include BNP Paribas Cardif and Warburg Pincus.


IndiaFirst Life Insurance Investors

Investors in IndiaFirst Life Insurance by funding rounds participated
InvestorHQRoundsRoleFirst check

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IndiaFirst Life Insurance Competitors

IndiaFirst Life Insurance competitors include listed companies like Tower Ltd, Libra Insurance, Hapvida and Sjova-Almennar tryggingar, and private ones like Lassie and Fidelity Life Assurance NZ.

Public and private companies comparable to IndiaFirst Life Insurance
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Tower LtdNew ZealandNew ZealandPublicly listed$334M$72M$404M1.2x
Libra InsuranceIsraelIsraelPublicly listed$206M$43M$401M-
LassieSwedenStockholmPrivate$100M-$400M4.0x
HapvidaBrazilBrazilPublicly listed$5.8B$737M$385M0.1x
Sjova-Almennar tryggingarIcelandIcelandPublicly listed$285M$28M$422M-
Fidelity Life Assurance NZNew ZealandAucklandPrivate--$371M2.9x

IndiaFirst Life Insurance Public Comps

IndiaFirst Life Insurance is still privately-owned, but its public comps include Tower Ltd, Libra Insurance, Hapvida, Sjova-Almennar tryggingar, Quick Sigorta, Gulf Insurance Group, AMERISAFE, Waterdrop, Ray Sigorta and Activo Inmobiliario Peruano.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tower Ltd$334M$72M1.2x1.2x5.6x7.3x
Libra Insurance$206M$43M1.9x-9.3x-
Hapvida$5.8B$737M0.1x0.1x0.5x0.8x
Sjova-Almennar tryggingar$285M$28M1.5x-15.3x-
Quick Sigorta$1.1B$269M0.4x-1.6x-
Gulf Insurance Group$362M$46M1.0x-8.2x-
AMERISAFE$317M$60M1.1x1.1x6.1x-
Waterdrop$597M$63M0.6x0.5x5.7x5.9x

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Common questions about IndiaFirst Life Insurance

When was IndiaFirst Life Insurance founded?IndiaFirst Life Insurance was founded in 2009.
Where is IndiaFirst Life Insurance headquartered?IndiaFirst Life Insurance is headquartered in Mumbai, India.
Is IndiaFirst Life Insurance publicly listed?No, IndiaFirst Life Insurance is a private, VC-backed company.
What is IndiaFirst Life Insurance's valuation?IndiaFirst Life Insurance was last valued at $403M in its undisclosed-stage round in June 2018.
How much funding has IndiaFirst Life Insurance raised?IndiaFirst Life Insurance has raised $105M across 1 funding round.
What was IndiaFirst Life Insurance's last funding round?IndiaFirst Life Insurance's last funding round was a $105M undisclosed-stage round in June 2018, led by Warburg Pincus.
Who are IndiaFirst Life Insurance's investors?IndiaFirst Life Insurance's investors include Warburg Pincus and BNP Paribas Cardif.
Which companies are comparable to IndiaFirst Life Insurance?Companies comparable to IndiaFirst Life Insurance include Tower Ltd, Libra Insurance, Lassie, Hapvida, Sjova-Almennar tryggingar and Fidelity Life Assurance NZ.

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