Probus Insurance, an InsureTech firm, raises $6.7 million from Switzerland based BlueOrchard Investment Managers
BlueOrchard, founded by the initiative of UN & a part of Schroders Group manages 960 billion dollars fund. The company has invested in over 90 countries across Asia, Eastern Europe, Latin America and Africa.
Probus Insurance, one of the leading Insurtech Players in the Fintech space in India, has raised $6.7 million in a funding round led by BlueOrchard Impact Investment Managers. The company shall be deploying the capital in technology and expanding its presence across geographies.
Probus, is one of India’s leading Online Insurance Broking firms. The company has transitioned from a traditional insurance brokerage firm to a reputed tech-enabled platform, building a robust framework and ecosystem in the online retail distribution space. The company witnessed phenomenal growth in the last four years, with the number of policies sold through the online portal increasing from 67,000 to 1.3 million across 14,500 pin codes in FY-21. Besides its online presence, the firm has a strong local footprint and distribution network, covering over 400 cities, and is expected to reach out to more than 10 million insurance beneficiaries in the next four years.
Probus Insurance currently offers motor insurance, life insurance, health insurance, travel insurance, and sachet products on its online platform. The company is also working aggressively in the field of climate insurance for retail customers. Probus has a comprehensive, tailor-made product offering with more than 80% of its reach in the Tier 2 and Tier 3 regions. The company significantly contributes to the introduction of affordable insurance coverage in India, leveraging a fully digitized distribution platform.
“Probus’ business model is well suited to expand the growth of climate insurance products in Tier 2&3 cities and rural areas while contributing to job creation within its network of digital partners. We are impressed with how Probus has evolved from a traditional insurance brokerage to a leading insurtech firm. It’s all the more impressive that they have boot-strapped this growth, and we are excited to be the company’s first external investor. We believe this is a great opportunity to partner with a firm that has shown real dedication to expand insurance coverage for low- and middle-income segments of the population, especially those located outside of Tier 1 cities”, comments Mahesh Joshi, Head of Private Equity Investments – Asia at BlueOrchard.
With this fundraise, Probus will strengthen its technology infrastructure & deep technology capabilities, enhancing the AI and ML experiences on its platform, further extending support to other languages. The company shall also focus on building the scalable business model keeping new geographies, especially Tier 2 and Tier 3 locations, in focus. IIF will add value to the firm through a structured technical assistance program, including feasibility studies for entering new lines of business and initiatives aimed at increasing insurance and natural disaster awareness amongst end customers and partners.
Speaking on the development, Mr. Rakesh Goyal, Managing Director of Probus, said, “We are delighted to be partnering with IIF and building our relationship with the world’s leading impact investor. We look forward to working with BlueOrchard’s team to bring world-class innovations to the Indian market. This partnership will help us in realising our dream of increased insurance awareness and penetration across the segments of the population that usually have limited access to insurance and the protection it affords.”
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