Online Insurance Platform Probus Insurance raises $6.7 million in Series A round of funding
- ByTejika Bajaj | December 8, 2021
Online insurance platform Probus Insurance recently raised an aggregate amount of $6.7 million in its series A round of funding led by Switzerland based Blue Orchids Impact Investment Managers. The round also saw participation from other existing investors, the names of whom were not disclosed by the startup.
Founded by Rakesh Goyal, Probus is an online insurance brokerage company that offers motor, life, health and travel insurance as well as sachet products to its clients on its platform. The startup has sold 1.3 million policies across 14500 pin codes as of FY21 and has a strong local footprint and distribution network which covers 400 cities. It is working towards reaching out to more than 10 million insurance beneficiaries in the next four years.
The insurance broking company revealed in a statement that it plans to use the funds raised to strengthen its technology infrastructure and deep technology capabilities, enhance its AI and ML experiences on its platform as well as extend support to other languages. The startup further revealed that it aims to expand its geographic reach post this round of funding.
Blue Orchard is a leading global impact investment manager and member of the Schroders Group of Switzerland which was founded by an initiative of the United Nation. The venture firm is dedicated to generating lasting positive impact for communities and the environment while aiming at providing attractive returns to the investors.
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