Ideal Insurance Brokers, a Kolkata, India-based brokerage, has received a US$1 million investment from start-up incubator Venture Catalysts in its latest seed funding round.
The company will use the raised funds to improve infrastructure support for operations and backend teams, reported the Financial Express. This includes bolstering its upcoming health insurance portal 121policy.
“Ideal Insurance’s strong positioning in the specific, low-competition domains of insurance, such as fleet insurance management, credit and liability insurance, start-up insurance, etc., and successful diversification into healthcare insurance with 121 Policy, has built the trust of [Venture Catalysts’] investors,” commented Apoorv Ranjan Sharma, co-founder and president of Venture Catalysts.
Ideal Insurance was founded by Rahul Agarwal and offers various insurance products, including fire, marine, infrastructure, health, and life. According to the company, it deals with many different insurance companies, both publicly and privately owned, which allows it to create a diversified portfolio. It operates in six cities – Delhi, Mumbai, Kolkata, Bengaluru, Pune, and Hyderabad – and employs around 170 people.
By the next financial year, it plans to open 10 more branches, as the insurance market of India is expected to grow to around four times its current size of US$60 billion in the next decade.
