One of the biggest incubators in Asia, Venture Catalysts, has invested $1 million in Kolkata based insurance management startup Ideal Insurance brokers in its seed round of investment. The round also saw participation from a group of industrialists and business leaders from Venture Catalysts investor panel, including Nitesh Prakash of Ola, Atul Jain of Samyakth Finserv, Maithan group, Primarc, Artha group among others.
The company plans to use the freshly secured funds to build infrastructural support for operations and backend teams. The firm stated that with their health insurance portal coming up 121policy, the funds will further help the company to bolster the product.
Commenting on the investment raised, Dr. Apoorv Ranjan Sharma, Co-Founder and President, Venture Catalysts said, “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 VCats’ investors.”
Ideal Insurance was founded by Rahul Agarwal as an insurance risk provider. Today, it offers a plethora of insurance products in domains including health, life, fire, marine, infrastructure and many others.
The company is a Insurance Regulatory and Development Authority (IRDA) licensed consultant. Further Ideal Insurance deals with all sorts of insurance companies — private, public, etc. This helps the company to create a diversified portfolio for its users. From making the basic roadmap for its users to risk evaluation and claim settlements, the company facilitates all parts of insurance operations.
Talking on the same, Rahul Agarwal, said, “Breaking free from the traditional approach of agents representing insurance companies, Ideal Insurance has adopted a diametrically opposite approach of representing clients- both retail and corporate – for whom we manage their entire Insurance Portfolio.”
The company’s clientele includes names like Zoom Cars, Meru Cabs, Chetak Infra, Keventer Agro, Bazaar Kolkata, Trident Hotels, Indian School of Business, InMobi, among many others. The company claims to have a team of 170 people and is currently operational in six cities including Delhi, Mumbai, Kolkata, Bengaluru, Pune and Hyderabad.
The company further plans to expand in tier 2 cities establishing over 10 more branches by the next financial year.
According to a report by IBEF, the insurance market in India is expected to grow by 4 times in size in the next decade or so, from its current size of $60 billion.