Insurance management startup Ideal Insurance Brokers has raised $1 million seed funding from incubation platform Venture Catalysts.
The funds will be deployed primarily for building a strong infrastructural support the Kolkata-based startup’s operations and backend team as well as for marketing purposes.
Last year, Ideal Insurance, which operates online insurance broking platform www.121policy.com, has raised an undisclosed amount from Xelpmoc, a technology incubator promoted by former JustDial CTO Sandipan Chattopadhyay.
The previous funding was done at a valuation of Rs 100 crore.
Founded by Rahul Agarwal, Ideal Insurance is an insurance-based risk solution provider offering an entire range of insurance products in diverse domains of health, life, fire, marine, infrastructure, credit, etc.
As an IRDA licensed consultant, Ideal Insurance deals with all the insurance companies of India, whether it is public, private, life or general.
The startup counts major companies in its client base, which includes Zoom Cars, Mercedes Dealership – Pune, Kotak Bank, Wadhwa Builders – Mumbai, Meru Cabs, GR Infrastructure, Trident Hotels, Indian School of Business, InMobi, and several others.
Currently, with 170-member team, Ideal Insurance aims to reach 500 figure in the next 18 months. It operates with branches in six cities such as Kolkata, Delhi, Mumbai, Bangalore, Hyderabad, and Pune. By the next financial year, it aims to increase its footprint in tier II cities by establishing at least 10 more branches.
During the last financing round, the firm has claimed to be a Rs 100 cr turnover company and it aspires to generate a turnover of Rs 500 crore by 2021.