India-based digital insurance platform Toffee Insurance has closed a $1.5m Seed round.
The investment was led by Kalaari Capital, Omidyar Network, and Accion Venture Lab.
Toffee is a digital insurance platform which enables consumers to access policies for health, travel, rental and vehicle in under two minutes. The platform also supports claims, with it aiming to complete the process in two hours.
The platform launched late last year, and is currently integrated with seven insurance manufacturers to support its real-time policies and claim processing.
Toffee analyses, predicts and customises products to meet risks for a young demographic. Some of its new policies set to launch include protection for backpacking, breast cancer and lung cancer.
This capital injection will support Toffee with product development and expanding its team with a focus on data science, machine learning and AI expertise.
Toffee Insurance CEO and co-founder Rohan Kumar said, “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 commoditised way to sell insurance rather than as a financial product.”
Kalaari has previously made two investments into India’s FinTech space this year. The firm recently participated in the funding of loan, credit card and insurance product comparison website Rubique. Prior to this, Kalaari took part in the $10m Series B of healthcare alternative finance provider Affordplan.
Earlier in the month, US retailer Walmart reportedly acquired a 77 per cent stake in Indian e-commerce company Flipkart, in a deal worth a colossal $16bn.
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