Mumbai-based Insurtech firm Probus Insurance has raised $6.7 million from BlueOrchard Impact Investment Manager. The company shall be deploying the capital in technology and expanding its presence across geographies.
Launched in 2002, Probus is an online insurance company which has transitioned from a traditional insurance brokerage firm to a tech-enabled platform, currently offering motor insurance, life insurance, health insurance, travel insurance, and sachet products.
Probus witnessed a strong growth in the last four years, with the number of policies sold through the online portal increasing from 67,000 to 1.3 million across 14,500 pin codes in FY21.
Besides its online presence, the firm has a strong local footprint and distribution network, with more than 80% of its reach in the Tier 2 and Tier 3 regions, covering over 400 cities, and is expected to reach out to more than 10 million insurance beneficiaries in the next four years.