Blog

Mumbai-based insurtech player Probus Insurance has raised $6.7 million in a funding round led by Switzerland-based BlueOrchard Impact Investment Managers.

In a media statement, the company said it will use the funds to deploy capital in technology and expand its presence across geographies. 

With this fundraise, Probus will strengthen its technology infrastructure and deep technology capabilities, enhancing the AI and ML experiences on its platform and further extending support to other languages. 

The company shall also focus on building a scalable business model keeping new geographies, especially Tier-II and Tier-III locations, in focus. 

Speaking on the development, Rakesh Goyal, Managing Director of Probus, said, 

“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.”

Established in 2003, Probus has transitioned from a traditional insurance brokerage firm to a tech-enabled platform, building a robust framework and ecosystem in the online retail distribution space. The number of policies sold through the online portal increased from 67,000 to 1.3 million across 14,500 pin codes in FY-21.

Besides its online presence, the firm has a 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 Tier II and III cities comprising more than 80 percent of its reach.

“Probus’ business model is well suited to expand the growth of climate insurance products in Tier-II and III 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,” added Mahesh Joshi, Head of Private Equity Investments – Asia at BlueOrchard.

BlueOrchard, founded by an initiative of the UN and a part of Schroders Group, manages a $960 billion fund. The company has invested in over 90 countries across Asia, Eastern Europe, Latin America and Africa.