Probus Insurance Raises $6.7 Million The funds will be used to strengthen technology and expand its presence across geographies
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Probus Insurance, an online insurance broking firm, has raised $6.7 million in a funding round led by BlueOrchard. The funds will be used to strengthen technology and expand its presence across geographies.
The company has transitioned from a traditional insurance brokerage firm to a reputed tech-enabled platform, building a robust framework and ecosystem in the online retail distribution space. The company witnessed phenomenal growth in the last four years, with the number of policies sold through the online portal increasing from 67,000 to 1.3 million across 14,500 pin codes in FY-21. Besides its online presence, the firm has a strong local footprint and distribution network, covering over 400 cities, and is expected to reach out to more than 10 million insurance beneficiaries in the next four years, said a statement.
"Probus' business model is well suited to expand the growth of climate insurance products. 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," said Mahesh Joshi, head of private equity investments, Asia at BlueOrchard.
Probus Insurance currently offers motor insurance, life insurance, health insurance, travel insurance and sachet products on its online platform.
With this fundraise, Probus will strengthen its technology infrastructure and deep technology capabilities, enhancing the AI and ML experiences on its platform, further extending support to other languages. The company shall also focus on building the scalable business model keeping new geographies in focus. IIF 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, added the statement.