Online insurance broker Probus Insurance Broker has raised USD 6.7 million in in a Series A funding round led by Switzerland-based BlueOrchard Impact Investment Managers.
The Mumbai-headquartered company said it will use the proceeds for tech development and to expand its presence across geographies.
Blue Orchard, founded by an initiative of the United Nation and is a part of the Schroders Group of Switzerland, manages USD 960 billion and has invested in over 90 countries across Asia, Eastern Europe, Latin America and Africa.
Founded in 2002 by Rakesh Goyal, Probus began its life as an insurance brokerage firm. The company has sold 1.3 million policies across 14,500 pin codes in FY21. Besides the online presence, it also has a strong local footprint and distribution network, covering over 400 cities, and is is working towards reaching out to more than 10 million insurance beneficiaries in the next four years. More than 80 per cent of its reach is in small towns.
Probus currently offers motor, life, health, and travel insurance, and sachet products on its online platform and is working in the field of climate insurance for retail customers.
With this fund-raise, 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, Rakesh Goyal, managing director of Probus, said.
Blue Orchard is a leading global impact investment manager and member of the Schroders Group of Switzerland and is dedicated to generating lasting positive impact for communities and the environment, while aiming at providing attractive returns to investors.
(with inputs from PTI)