Toffee Insurance, India's first digital-only insurance platform for millennials, on Tuesday announced receiving funds worth USD 1.5 million in a round of seed funding led by Kalaari Capital, Omidyar Network and Accion Venture Lab.
To focus on product development and expanding its team, the company plans to utilize its funds in growing youth demography.
The funding is received from marquee institutional investors, who have a diverse portfolio across healthcare, financial inclusion, insurtech. The funding will help accelerate product development and creating efficiencies in channel approach. The company also intends to build a strong insurtech team with capabilities across data science, machine learning and AI.
"We are really excited about the support we have received from Kalaari Capital, Omidyar Network and Accion Venture Lab. Their belief in our vision will strengthen our capabilities to develop better products across new channels in a scalable form. Our goal is to unbundle products and repackage them in a youth-friendly way that focuses on the benefits of insurance to almost make it a commoditized way to sell insurance rather than as a financial product," said CEO and co-founder, Toffee Insurance, Rohan Kumar.
"The mission Rohan and Nishant are onto to create simple and small ticket size insurance products and distribute them in a very contextual way has huge potential to drive the mass adoption. We are very excited to be part of the Toffee Insurance journey," said MD Kalaari Capital, Vani Kola.
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