Shriram General Insurance Valuation, Funding & Investors

Shriram General Insurance is valued at $2.4B as of April 2022.

Last Shriram General Insurance valuation

$2.4B

Undisclosed stage · Apr 2022

Last Shriram General Insurance funding round

$236M

Undisclosed stage · Apr 2022

Cumulative funding Shriram General Insurance raised

$236M

across 1 funding round

Key investors in Shriram General Insurance

Shriram General Insurance Overview

About Shriram General Insurance

Shriram General Insurance is an Indian general insurer focused mainly on motor insurance, which accounts for around 95% of its business. Founded in 2008 as a joint venture between Shriram Capital and South African insurer Sanlam, the company operates through more than 200 branches across 26 Indian states, managing millions of active policies and billions of rupees in premium income.


Founded

2006

HQ

IndiaIndia

Status

Privately held

Customer focus

B2C & B2B

Revenue model

Product sales

Valuation

$2.4B (Apr 2022)

Shriram General Insurance Valuation

Shriram General Insurance is currently valued at $2.4B, based on its undisclosed-stage round in April 2022.

The $236M round was led by KKR.

Shriram General Insurance valuation by funding round

Shriram General Insurance valuation by funding round
DateStageValuation
Apr 2022Undisclosed stage$2.4B

Shriram General Insurance Funding History

Shriram General Insurance has raised a total of $236M across 1 funding round.

Shriram General Insurance funding rounds

Shriram General Insurance funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2022Undisclosed stageKKR (lead)$236M$2.4BShriram General Insurance, a joint venture between Shriram Capital and Sanlam, is a general insurer founded in 2008, focusing primarily on motor insurance (95% of business) with operations across 203 branches in 26 states, managing assets of Rs 10,685 crore and 4.344 million live policies as of March 31, 2022. In April 2022, KKR acquired a 9.99% stake from Shriram Capital for Rs 1,800 crore ($237 million), implying an enterprise value of Rs 18,000 crore, with KKR gaining a board seat and supporting expansion into new segments and digital capabilities. The company reported gross premium of over Rs 1,750 crore as of March 2022 end, up from Rs 2,153 crore in FY21, with profits of Rs 592.4 crore in FY21 (down from Rs 741.2 crore in FY20 due to COVID) and Rs 467 crore profit after tax as of December 2021; solvency margin was 4.70 as of December 31, 2021. KKR's investment marks its third in Indian insurance, following stakes in SBI Life and Max Life, leveraging strong industry tailwinds and Shriram General's profitability ranking among top private players. The deal positioned the firm for growth, with leadership noting 30% anticipated premium growth and plans to reduce motor dependency to 90%. As of March 31, 2022, the company had paid dividends seven times the invested capital and employed 3,083 staff. Post-investment developments include Shriram Capital transferring shares to Shriram GI Holdings (now 66.64% stake) in March 2023, while KKR and Piramal (13.33%) explored exits around 2025 via listing or secondary sale of up to 23% stake, though no completion noted. Shriram Ownership Trust holds 4.45%, Sanlam 22.92%, and TPG 6.29%. The broader Shriram Group manages over Rs 1,500 billion AUM with net profit of INR 22 billion.

Who has invested in Shriram General Insurance?

1 investor has backed Shriram General Insurance across its funding rounds, including KKR.

Lead investors include KKR.


Shriram General Insurance Investors

Investors in Shriram General Insurance by funding rounds participated
InvestorHQRoundsRoleFirst check

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Shriram General Insurance Competitors

Shriram General Insurance competitors include listed companies like HCI Group, Ethos Insurance, Clover Health and nib Group, and private ones like Corgi Insurance and Aditya Birla Housing Finance.

Public and private companies comparable to Shriram General Insurance
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
HCI GroupUnited StatesUnited StatesPublicly listed$902M$450M$2.3B1.7x
Ethos InsuranceUnited StatesUnited StatesPublicly listed$388M$79M$2.3B3.4x
Clover HealthUnited StatesUnited StatesPublicly listed$1.9B($84M)$2.4B0.8x
nib GroupAustraliaAustraliaPublicly listed$2.7B$222M$2.3B0.8x
Corgi InsuranceUnited StatesSan Francisco, CAPrivate$100M-$2.6B26.0x
Aditya Birla Housing FinanceIndiaMumbaiPrivate--$2.1B-

Shriram General Insurance Public Comps

Shriram General Insurance is still privately-owned, but its public comps include HCI Group, Ethos Insurance, Clover Health, nib Group, Go Digit Insurance, Türkiye Sigorta, Skyward Specialty, Inversiones La Construcción, Allianz-Slovenska and BSP Financial Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
HCI Group$902M$450M1.8x1.7x3.6x-
Ethos Insurance$388M$79M5.6x3.4x27.2x19.2x
Clover Health$1.9B($84M)1.1x0.8x(25.8x)34.1x
nib Group$2.7B$222M0.9x0.8x10.3x12.3x
Go Digit Insurance$1.1B$76M2.3x2.3x32.8x20.6x
Türkiye Sigorta$2B$561M1.1x0.7x3.9x-
Skyward Specialty$1.4B$228M2.0x1.1x12.7x-
Inversiones La Construcción$3.9B($58M)1.0x-(65.1x)-

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Common questions about Shriram General Insurance

When was Shriram General Insurance founded?Shriram General Insurance was founded in 2006.
Where is Shriram General Insurance headquartered?Shriram General Insurance is headquartered in India.
Is Shriram General Insurance publicly listed?No, Shriram General Insurance is a private, VC-backed company.
What is Shriram General Insurance's valuation?Shriram General Insurance was last valued at $2.4B in its undisclosed-stage round in April 2022.
How much funding has Shriram General Insurance raised?Shriram General Insurance has raised $236M across 1 funding round.
What was Shriram General Insurance's last funding round?Shriram General Insurance's last funding round was a $236M undisclosed-stage round in April 2022, led by KKR.
Who are Shriram General Insurance's investors?Shriram General Insurance's investors include KKR.
Which companies are comparable to Shriram General Insurance?Companies comparable to Shriram General Insurance include HCI Group, Ethos Insurance, Clover Health, nib Group, Corgi Insurance and Aditya Birla Housing Finance.

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