Probus Insurance, a Mumbai-based insurtech company, has raised $6.7 million in a fundraising round headed by BlueOrchard Impact Investment Managers of Switzerland.
Probus, which began as a typical insurance brokerage firm in 2003 and has now evolved into a tech-enabled platform, has built a strong framework and ecosystem in the online retail distribution arena.
Probus will use the funds to improve its technology infrastructure and deep technology skills, as well as improve the AI and machine learning experiences on its platform and expand support to more languages.
The company will also concentrate on developing a scalable business model while focusing on additional geographies, particularly Tier-II and Tier-III locales.
Commenting on the development, Rakesh Goyal, Managing Director of Probus, said, “We look forward to working with BlueOrchard’s team to bring world-class innovations to the Indian market. This partnership will help us in realising our dream of increased insurance awareness and penetration across the segments of the population that usually have limited access to insurance and the protection it affords.“