Insurance management startup Ideal Insurance has raised about US $1 million led by Venture Catalysts in its seed round of funding. A number of industrialists and leaders from the VCats’ investor panel including Nitesh Prakash of Ola, Atul Jain of Samyakth Finserv and promoters of Nandan Steel, Maithan group, Primarc, Atha group also participated in the investment round.
Launched by Rahul Agarwal, Ideal Insurance is an insurance based risk solution provider that offers an entire range of insurance products in various domains including health, infrastructure, fire, life and more. As an IRDA licensed consultant, Ideal Insurance is able to deal with all the insurance companies of India-Public or private, life or general. It is involved in various insurance operations including creating an insurance roadmap for its clients, evaluating risk and claiming settlements.
The company’s clients include 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, etc.
Ideal Insurance is also empaneled with Banks and Financial institutions to provide Insurance Audit Report for their clients. Additionally, it has also forayed into crop insurance market and is expected to get almost $7.6 million of premium in the upcoming kharif season. For expansion, the company recently acquired a Mumbai based Insurance Broking Company, which is currently pending IRDA approval.
Currently Ideal Insurance has branches in six Indian cities including Kolkata, Delhi, Mumbai, Bangalore, Hyderabad and Pune and is planning expansion in second tier towns too. It aspires to generate a turnover of $76.4 million by 2021.
Speaking about the funding, Rahul Agarwal, CEO of 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. “