Kolkata based insurance management company Ideal insurance raises $1 million seed round of funding from Venture Catalysts.
Venture Catalysts is India’s leading incubator and the investors from Vcats include Nitesh Prakash of Ola, Atul Jain of Samyakth Finserv and promoters of Nandan Steel, Maithan group, Primarc, Atha group etc.
The funding will be used 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,” said Rahul Agarwal, founder and CEO, Ideal Insurance.
Ideal Insurance is a pioneer in delivering niche and customized insurance services to its clients. With over 170 members, Ideal Insurance is set to grow to employee strength of 500 in the next 18 months.
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 INR 500 crore by 2021.
With breakthrough services, Ideal Insurance has steadily expanded his clientele including Zoom Cars, Mercedes Dealership in Pune, Kotak Bank, Wadhwa Builders from Mumbai, Meru Cabs, GR Infrastructure, South City Group, Sharachi Group, Chetak Infra, Keventer Agro, Bazaar Kolkata, Trident Hotels, Indian School of Business, Inmobi, etc.