Kolkata based insurance broking firm, Ideal Insurance Brokers Pvt. Ltd. has raised an undisclosed amount from Xelpmoc at a valuation of $15.54 Mn (INR 100 Cr to promote its newly launched online platform 121policy.com.
Xelpmoc is a unique combination of startup incubator and technology partner promoted by former JustDial CTO Sandipan Chattopadhyay. The incubator platform comprises of engineers, designers, product managers, marketing specialists, data scientists, and finance & legal experts from India and Silicon Valley.
Commenting on the investment Mr. Sandipan Chattopadhyay, Co-Founder Xelpmoc, said. “Ideal Insurance is fundamentally a very strong organization with a great team and I am very excited to fund the growth plans of the company in a sector that is witnessing a huge growth momentum.”
Ideal Insurance a 100 crore turnover company has created a strong presence since it started 11 years ago and today they specialize in products like Fleet Insurance, Credit Insurance, Engineering Insurance and recently launched Startup Insurance. They have been consistently growing at an average rate of more than 30% over the last 10 years. Their plan is to become one of the top 5 Brokers of India by 2020. To achieve its target, the company has been aggressively investing in manpower and infrastructure to expand rapidly.
Ideal Insurance- COO, Mr. Rahul Mohata said, “Health Insurance is the space where we want to create our niche. There is a huge requirement and demand for health insurance. We are a very strong player offline, our claim settlement is fantastic and we want to capitalize our offline experience and expertise online as well”.
The newly launched platform will provide expert advice and innovative products like family health insurance, maternity cover, senior citizen health coverage, diabetic cover, corporate health insurance, overseas health insurance, top up covers and much more.
The company sees a massive growth potential for health insurance in India and is targeting plans to sell at least 1,000 health policies a month consistently, and expects it to go 10,000 policies a month over the next 3 years.