Gurugram based Digital insurance platform Toffee has raised $1.5 million (around Rs 10 crore) seed funding led by venture capital firm Kalaari Capital, impact investors Omidyar Network and Accion Venture Lab.
Founded by Nishant Jain and Rohan Kumar, the digital-only platform launched its beta version in December 2017. Toffee’s tech platform can analyse, predict and customise insurance products for millennials across health, lifestyle and personal accidents. It claims that buying insurance takes less than 90 seconds and that it processes simple claims in under two hours using a completely digital interface.
Rohan Kumar, CEO & Co-Founder, Toffee Insurance said, “We are really excited about the support we have received from Kalaari Capital, Omidyar Network and Accion Venture Lab. Their belief in our vision will strengthen our capabilities to develop better products across new channels in a scalable form. Our goal is to unbundle products and repackage them in a youth-friendly way that focuses on the benefits of insurance to almost make it a commoditized way to sell insurance rather than as a financial product.”
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Vani Kola, Managing Director, Kalaari Capital said, “Insurance is highly under-penetrated in India, and it needs product innovation to reach masses. The mission Rohan and Nishant are onto to create simple and small ticket size insurance products and distribute them in a very contextual way has huge potential to drive the mass adoption. We are very excited to be part of the Toffee Insurance journey.”