Kolkata-headquartered Ideal Insurance Brokers has raised an undisclosed amount from Xelpmoc at a valuation of $15.54 Mn (INR 100 Cr). The funding is aimed to promote its online platform 121policy.
Xelpmoc is a technology incubator promoted by former JustDial CTO Sandipan Chattopadhyay, Srinivas Koora CFO, ex-Deputy CFO at JustDial, and Jaison Jose COO & ex-founding member of Quess Corp Limited.
Ideal Insurance Brokers is an insurance management company which provides risk solutions to individuals and corporates. It began operations in 2005 and claims to have over 30K entrepreneurial and retail clients in the central metropolitan cities like Mumbai, Pune, Bengaluru, Hyderabad, and Delhi- NCR- Gurugram.
“We are very pleased to have Xelpmoc on board, they have been of tremendous help in terms of strategising and planning the company’s next stages of growth. When we planned 121policy.com, we were looking for a partner who is an expert in technology, which is not our forte. That’s when we connected with Xelpmoc, and it led to a strong strategic relationship.” said Rahul Mohan, COO at Ideal Insurance Brokers.
With its new venture 121policy, the company is aiming to provide the customers with expert advice and products like family health insurance, maternity cover, senior citizen health coverage, diabetic cover, corporate health, overseas health insurance, top up covers and much more.
The firm has been consistently growing at an average rate of more than 30% over the last ten years. It is targeting strategies to sell at least 1,000 health policies a month consistently.
Commenting on the investment, Sandipan Chattopadhyay, co-founder Xelpmoc said, “Ideal Insurance is fundamentally a powerful organisation with a great team, and I am very excited to fund the growth plans of the company in a sector that is witnessing a huge growth momentum.”
The company expects to sell 10K policies a month over the next three years. The platform plans to add motor, life and other products in the coming months.
The Indian fintech market, currently standing at $1.2 Bn, is forecasted to touch $2.4 Bn by 2020. In June 2017, Mumbai-based online insurance brokerage platform Coverfox raised about $15 Mn (INR 96 Cr) in Series C round of funding. Other players in the insurance segment that compete with 121policy include Acko, Easypolicy, PolicyBazaar, and BankBazaar among others.