Venture Catalysts has recently announced that it has invested $1 million in Kolkata based insurance management company Ideal Insurance Brokers Pvt. Ltd in its seed round of funding.
Ideal Insurance is a brainchild of Rahul Agarwal, a Chartered Financial Analyst, it is an insurance-based risk solution provider offering insurance products in the domains of health, life, fire, marine, infrastructure, credit, etc.
As an IRDA licensed consultant, Ideal Insurance is able to deal with all the insurance companies of India-Public or private, life or general. This allows the company to create a diversified insurance portfolio for its clients to help them reap optimum benefits. From creating an insurance roadmap for its clients to risk evaluation and claim settlements, Ideal Insurance claims to facilitate every part of a client’s insurance operations.
Rahul Agarwal, Founder, and CEO, Ideal Insurance said, “The funds will be deployed primarily for building a strong infrastructural support for our operations and backend team as well as for marketing purposes. With the development of our dedicated health insurance portal www.121policy.com, the investment has come at a much-needed stage and will definitely bolster our growth and diversification plans.”
Ideal Insurance is also empaneled with banks and financial institutions to provide Insurance Audit Report for their clients. Additionally, it has also aggressively forayed into crop insurance market and is expected to get almost Rs 50 crore of premium in the upcoming kharif season. Corresponding to its expansionary goals, Ideal Insurance recently acquired a Mumbai based Insurance Broking Company, which is currently pending IRDA approval.
Commenting on the investment, Apoorv Ranjan Sharma, Co-Founder, and President, Venture Catalysts said, “Ideal Insurance has been in operations for over a decade now and it has established a name for itself as a provider of efficient and customised insurance solutions, particularly in specialised industrial areas. The organisation has developed a remarkable portfolio and it speaks volumes of the work ethics and leadership of Rahul Agarwal that has enabled the company to grow primarily from reinvesting its own profits, without external investment.”
Adding, he continues, “It's strong positioning in the specific, low-competition domains of insurance, such as fleet insurance management, credit, and liability insurance, start-up insurance etc. and successful diversification into healthcare insurance with 121 Policy, has built the trust of VCats’ investors. We hope to continue our legacy of backing highly successful businesses with Ideal Insurance and strongly believe that it will empower both retail and corporate clients as well as individuals in their quest to seek ideal insurance alternatives.”
Its clientele includes Zoom Cars, Mercedes Dealership – Pune, Kotak Bank, Wadhwa Builders – Mumbai, Meru Cabs, GR Infrastructure, South City Group, Sharachi Group, Chetak Infra, Keventer Agro, Bazaar Kolkata, Trident Hotels, Indian School of Business, InMobi, among others.
One of the principal investors in the round, Atul Jain from Samyakth Finserv said, “Considering the apprehensiveness most Indians have regarding the insurance sector due to its various hidden clauses and norms, we believed trust and transparency in operations were the most important virtues needed by a business to succeed in this field. Ideal Insurance scored highly on these parameters and finally, their customised product offerings with a dedicated focus on sector-specific needs, helped them to clinch the deal.”
The company at present has branches in six cities namely Kolkata, Delhi, Mumbai, Bangalore, Hyderabad, and Pune, with plans to rapidly expand in the second tier towns by establishing at least 10 more branches within the next financial year. The company aspires to generate a turnover of Rs 500 crore by 2021.