India-based leading Insurtech platform, Probus Insurance has raised $6.7 million from Switzerland-based BlueOrchard Impact Investment Managers.
“The startup will be deploying the capital in technology and expanding its presence across geographies,” the statement said.
Probus is an online Insurance Broking firm that offers motor insurance, life insurance, health insurance, travel insurance, and sachet products on its online platform.
The company is also working aggressively in the field of climate insurance for retail customers. Probus has a comprehensive, tailor-made product offering with more than 80% of its reach in Tier 2 and Tier 3 regions.
Speaking on the funding in Probus, Mahesh Joshi, Head of Private Equity Investments – Asia at BlueOrchard said, “Probus’ business model is well suited to expand the growth of climate insurance products in Tier 2&3 cities and rural areas while contributing to job creation within its network of digital partners. We are impressed with how Probus has evolved from a traditional insurance brokerage to a leading insurtech firm.”
“It’s all the more impressive that they have boot-strapped this growth, and we are excited to be the company’s first external investor. We believe this is a great opportunity to partner with a firm that has shown real dedication to expand insurance coverage for low- and middle-income segments of the population, especially those located outside of Tier 1 cities,” Joshi added.
“With this fundraise, Probus will strengthen its technology infrastructure & deep technology capabilities, enhancing the AI and ML experiences on its platform, further extending support to other languages,” the statement said.
“The company shall also focus on building the scalable business model keeping new geographies, especially Tier 2 and Tier 3 locations, in focus. It will add value to the firm through a structured technical assistance program, including feasibility studies for entering new lines of business and initiatives aimed at increasing insurance and natural disaster awareness amongst end customers and partners,” it added.
Commenting on the development, Rakesh Goyal, Managing Director of Probus, said, “We are delighted to be partnering with IIF and building our relationship with the world’s leading impact investor. We look forward to working with BlueOrchard’s team to bring world-class innovations to the Indian market.”
“This partnership will help us in realizing our dream of increased insurance awareness and penetration across the segments of the population that usually have limited access to insurance and the protection it affords,” Goyal added.