Singapore-based Symbo Platform has reportedly closed its new funding round on $9.4m to support the growth of its Indian affiliate.
The round was led by CreditEase Fintech Investment Fund, with participation also coming from Think Investments, Integra Partners, Insignia Ventures and AJ Capital, according to a report from the Insurance Business Asia.
These funds will be used to support the growth of its India-based affiliate and is planning to purchase the full ownership.
Capital from the round will also be used to help Symbo bolster its core technology and hire more staff. It will focus on hiring staff to its technology and product teams as well as business development positions in Singapore, Malaysia and Indonesia.
Symbo is a digital insurance platform that enables consumers to find and purchase the best coverage for them. Users can search for health, term, travel, car and bike insurance policies.
The InsurTech recently acquired digital health company Vivant to expand its health insurance offering across the region.
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