Probus began as an insurance brokerage firm before pivoting to an online insurtech platform that has sold over 1.3 Mn insurance policies.
The startup will use the freshly raised capital to fund its geographic expansion.
The overall market size of the insurance sector in India is expected to be worth $280 Bn in 2020, growing at a CAGR of 5.3% to reach $327 Bn by 2023.
Probus Insurance has raised $6.7 Mn in a funding round led by BlueOrchard Impact Investment Managers.
Founded in 2002 by Rakesh Goyal, Probus began its life as an insurance brokerage firm. The company transitioned into a tech-enabled platform and is licensed by the Insurance Regulatory and Development Authority (IRDA) to offer life and general insurance policies in India. According to the startup, it has sold over 1.3 Mn insurance policies across 14,500 pin codes in FY21.
The startup will utilise the freshly-infused capital towards investing in technology and expanding its presence across many…