Toffee Insurance, which is an online insurance platform, has now secured $5.5 million in the funding round of Series A led by the IVM Intersurer and saw the participation from the Flourish Ventures, Accion Venture Labs, Kalaari Capital and Omidyar Network.
In the month of May last year, it had also secured $1.5 million in its seed funding round led by the Omidyar Network, Accion Venture Labs, Kalaari Capital.
It, as of now, has plans to use the new funding to expand and use it into three areas – merchant, data & product, and customer experience, and lateral distribution, said the announcement.
Rohan Kumar, CEO, and Co-founder, Toffee Insurance, said,
“The underserved and disempowered segment of the Indian population can easily slide below poverty with minor health or income setback. Our focus is to carve strong distribution partnerships with products that are contextual to the lifestyle and risks of this target segment and provide ample financial scaffolding. We are excited about the strength of belief that our investors have shown in our vision to reimagine risk mitigation relevant to the needs of these consumers.”
Anuradha Ramachandran, Investments Director at Flourish, said, “Toffee Insurance has created a completely new approach to helping people navigate financial shocks and create safety nets by really unbundling policies to cover those risks that most Indian consumers are worried about. As global fintech investors, this flexible model created by Toffee Insurance is one we want to amplify and replicate in other markets to help solve the global financial health crisis.”
