SBI General Insurance Valuation, Funding & Investors

SBI General Insurance is valued at $1.7B as of October 2019.

Last SBI General Insurance valuation

$1.7B

Undisclosed stage · Oct 2019

Last SBI General Insurance funding round

$432M

Undisclosed stage · Oct 2019

Cumulative funding SBI General Insurance raised

$432M

across 1 funding round

Key investors in SBI General Insurance

  • Warburg Pincus
  • Premji Invest

SBI General Insurance Overview

About SBI General Insurance

SBI General Insurance is a Mumbai-headquartered non-life insurer offering motor, health, travel, and property policies to retail, SME, and corporate clients across India. Jointly promoted by State Bank of India and NRI investors since 2009, it distributes products via 17,000 SBI branches and digital channels. The company underwrites home, shop, and cyber insurance, with a network of 150 branches nationwide.


Founded

2010

HQ

IndiaMumbai

Status

Privately held

Customer focus

B2C & B2B

Revenue model

Product sales

Valuation

$1.7B (Oct 2019)

SBI General Insurance Valuation

SBI General Insurance is currently valued at $1.7B, based on its undisclosed-stage round in October 2019. Read the announcement ↗

The $432M round was led by Premji Invest, with participation from Warburg Pincus.

SBI General Insurance valuation by funding round

SBI General Insurance valuation by funding round
DateStageValuation
Oct 2019Undisclosed stage$1.7B

SBI General Insurance Funding History

SBI General Insurance has raised a total of $432M across 1 funding round.

SBI General Insurance funding rounds

SBI General Insurance funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2019Undisclosed stagePremji Invest (lead); Warburg Pincus$432M$1.7BSBI General Insurance, a Mumbai-based non-life insurer established in 2009 and operational since 2010, is a subsidiary of State Bank of India, which holds around 70% ownership. The company offers products including health, motor, home, and travel insurance through a multi-distribution model encompassing bancassurance, agency, broking, retail direct, and digital channels, employing over 8,000 people. In 2019, around October, Premji Invest and Warburg Pincus acquired stakes totaling 26% from Insurance Australia Group (IAG): Premji Invest took 16.01% and Warburg Pincus 9.99%, in a transaction valued at $432.38 million or approximately $432 million, completed in 2020. Premji Invest was positioned as the lead investor. This followed a 2018 deal where SBI sold 4% stake for Rs 482 crore to Axis New Opportunities Fund and Premji Invest, implying a company valuation of Rs 12,000 crore at that time. The transaction highlights investor interest in India's under-penetrated general insurance market, which is less capital-intensive than life insurance and features evolving products.

Who has invested in SBI General Insurance?

2 investors have backed SBI General Insurance across its funding rounds, including Warburg Pincus and Premji Invest.

Lead investors include Premji Invest.


SBI General Insurance Investors

Investors in SBI General Insurance by funding rounds participated
InvestorHQRoundsRoleFirst check

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Investments by SBI General Insurance

SBI General Insurance has invested in 1 company to date.

Latest investment by SBI General Insurance was on October 22nd 2024. SBI General Insurance invested in Godavari Biorefineries in their $20M Undisclosed stage round.


Latest Investments by SBI General Insurance

Godavari Biorefineries
Description
Godavari Biorefineries Ltd is engaged in the manufacturing of sugar, distillery, including Ethanol, biochemicals, power generation, and other bio products. It operates an integrated bio-refinery in India. The company is also the manufacturer of MPO. It utilizes sugarcane as a feedstock to manufacture products, including sugar, ethanol, bio-based chemicals, and power. The group's operating segments are Sugar, Cogeneration (Green Power), Bio based, and Chemicals Distillery.
HQ CountryIndia
HQ City
Mumbai
Deal Date22 Oct 2024
RoundUndisclosed stage
Raised$20M
InvestorsSociété Générale; Goldman Sachs; HDFC Asset Management; WhiteOak Capital Mutual Fund
Valuation$193M
EV/Revenue
EV/EBITDA

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SBI General Insurance Competitors

SBI General Insurance competitors include listed companies like Saga, Vivir Seguros, Zavarovalnica Triglav and Hagerty, and private ones like Nassau Financial Group and China Pacific Life Insurance.

Public and private companies comparable to SBI General Insurance
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Nassau Financial GroupUnited StatesHartford, CTPrivate--$1.7B-
SagaUnited KingdomUnited KingdomPublicly listed$883M$133M$1.7B2.2x
Vivir SegurosPeruPeruPublicly listed$140M$3M$1.7B-
Zavarovalnica TriglavSloveniaSloveniaPublicly listed$1.9B$237M$1.7B0.9x
China Pacific Life InsuranceChinaShanghaiPrivate--$1.6B-
HagertyUnited StatesUnited StatesPublicly listed$1.5B$185M$1.8B1.6x

SBI General Insurance Public Comps

SBI General Insurance is still privately-owned, but its public comps include Saga, Vivir Seguros, Zavarovalnica Triglav, Hagerty, MAPFRE Perú, Nuernberger Beteiligungs, Grupo Assa, Eurohold Bulgaria, Wafa Assurance SA and Pacífico Seguros.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Saga$883M$133M2.4x2.2x15.9x10.1x
Vivir Seguros$140M$3M11.6x-463.1x-
Zavarovalnica Triglav$1.9B$237M1.0x0.9x7.8x-
Hagerty$1.5B$185M1.5x1.6x11.8x8.2x
MAPFRE Perú------
Nuernberger Beteiligungs$5.5B$256M0.3x-6.2x-
Grupo Assa$533M$162M3.4x-11.2x-
Eurohold Bulgaria$1.8B$213M1.7x-14.9x-

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Common questions about SBI General Insurance

When was SBI General Insurance founded?SBI General Insurance was founded in 2010.
Where is SBI General Insurance headquartered?SBI General Insurance is headquartered in Mumbai, India.
Is SBI General Insurance publicly listed?No, SBI General Insurance is a private, VC-backed company.
What is SBI General Insurance's valuation?SBI General Insurance was last valued at $1.7B in its undisclosed-stage round in October 2019.
How much funding has SBI General Insurance raised?SBI General Insurance has raised $432M across 1 funding round.
What was SBI General Insurance's last funding round?SBI General Insurance's last funding round was a $432M undisclosed-stage round in October 2019, led by Premji Invest.
Who are SBI General Insurance's investors?SBI General Insurance's investors include Premji Invest and Warburg Pincus.
Which companies are comparable to SBI General Insurance?Companies comparable to SBI General Insurance include Nassau Financial Group, Saga, Vivir Seguros, Zavarovalnica Triglav, China Pacific Life Insurance and Hagerty.
How many companies has SBI General Insurance invested in?SBI General Insurance has invested in 1 company, including Godavari Biorefineries.
What was SBI General Insurance's last investment?In October 2024, SBI General Insurance invested in Godavari Biorefineries' $20M undisclosed-stage round alongside Société Générale, Goldman Sachs, HDFC Asset Management and 1 other investor.

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