Venture Catalysts Invests $1M in Kolkata Based Insurance Management Company, Ideal Insurance
Notable industrialists and business leaders from VCats’ investor panel participated in the round
Venture Catalysts, India’s first and largest integrated incubator, recently invested a sum of $1 million in Kolkata based comprehensive insurance management company Ideal Insurance Brokers Pvt. Ltd in its seed round of funding. A number of notable industrialists and business leaders from the VCats’ investor panel participated in the investment round, including the likes of Nitesh Prakash of Ola, Atul Jain of Samyakth Finserv and promoters of Nandan Steel, Maithan group, Primarc, Atha group etc.
Ideal Insurance - a brainchild of Mr. Rahul Agarwal (who is India’s youngest Chartered Financial Analyst and a veteran of the insurance industry) - is an insurance based risk solution provider offering an entire range of insurance products in diverse domains of heath, life, fire, marine, infrastructure, credit, etc. Rahul, who was also incidentally the youngest MDRT, at the age of 20,for Max New York Life Insurance, envisioned Ideal Insurance as a pioneer in delivering niche and customized insurance services to its clients. Breaking free from the traditional approach of agents representing insurance companies, Ideal Insurance has adopted a diametrically opposite approach of representing clients- both retail and corporate – for whom they manage their entire Insurance Portfolio.
As an IRDA licensed consultant, Ideal Insurance is able to deal with all the insurance companies of India-Public or private, life or general. This allows the company to create a highly diversified insurance portfolio for its clients to help them reap optimum benefits. From creating an insurance roadmap for its clients to risk evaluation and claim settlements, Ideal Insurance facilitates every part of a client’s insurance operations.
Such services, being provided at the best rate and coverage, has significantly contributed to Ideal Insurance’s steadily expanding clientele with famous names such as 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 aggressively forayed into crop insurance market and is expected to get almost Rs 50 cr of premium in the upcoming kharif season. Corresponding to its expansionary goals, Ideal Insurance recently acquired a Mumbai based Insurance Broking Company, which is currently pending IRDA approval.
Commenting on the investment, Dr. Apoorv Ranjan Sharma, Co-Founder and President, Venture Catalysts said, “Ideal Insurance has been in operations for over a decade now and it has established a name for itself as a provider of efficient and customized insurance solutions, particularly in specialized industrial areas. The organization has developed a remarkable portfolio and it speaks volumes of the work ethics and leadership of Mr. Rahul Agarwal that has enabled the company to grow primarily from reinvesting its own profits, without external investment. Itsstrong positioning in the specific, low-competition domains of insurance, such as fleet insurance management, credit and liability insurance, start-up insurance etc. and successful diversification into healthcare insurance with 121 Policy, has built the trust of VCats’ investors. We hope to continue our legacy of backing highly successful businesses with Ideal Insurance and strongly believe that it will empower both retail and corporate clients as well as individuals in their quest to seek ideal insurance alternatives.”
One of the principal investors in the round, Atul Jain from Samyakth Finserv said, “Ideal Insurance’s strong market share and its long list of notable clients underlines the demand and efficiency of its insurance offerings. Considering the apprehensiveness most Indians have regarding the insurance sector due to its various hidden clauses and norms, we believed trust and transparency in operations were the most important virtues needed by a business to succeed in this field. Ideal Insurance scored highly on these parameters and finally, their customized product offerings with a dedicated focus on sector-specific needs, helped them to clinch the deal.”
Elaborating on his plans regarding the funds raised, Mr. Rahul Agarwal, Founder and CEO, 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. 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.”
Currently a 170-member strong organization, Ideal Insurance is set to grow to an employee strength of 500 in the next 18 months. The company at present has branches in 6 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.
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