Toffee Insurance, an all-digital insurance technology company, has raised $5.5 million in its Series A round led by IVM Intersurer. The investment round saw participation by Omidyar Network, Flourish Ventures, Accion Venture Lab, and Kalaari Capital. The company was founded by Nishant Jain and Rohan Kumar in 2017.
Earlier, it had raised $1.5 million in its seed funding round that was led by Kalaari Capital, Omidyar Network, and Accion Venture Lab.
The company will utilise these funds to expand their footprint and leverage three areas—data and product, merchant and customer experience, and lateral distribution
In a media statement, Rohan Kumar, CEO and Co-founder, Toffee Insurance, said, “The underserved and disempowered segment of the Indian population can easily slide below poverty with a minor health or income setback. Our focus is to carve strong distribution partnerships with products that are contextual to the lifestyle and risks of this target segment and provide ample financial scaffolding. We are excited about the strength of belief that our investors have shown in our vision to reimagine risk mitigation relevant to the needs of these consumers.”
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