Investment by Kalaari Capital, Omidyar Network and Accion Venture Lab
New Delhi, May 29, 2018: Toffee Insurance, India’s first digital-only insurance platform for millennials has raised $1.5 million (INR 10 crores approx.) in a round of seed funding led by Kalaari Capital, Omidyar Network, and Accion Venture Lab. Toffee plans to use the funds to focus on product development and expanding its team.
Founded by Nishant Jain and Rohan Kumar, Toffee is a technology platform focussed on providing contextual and relevant insurance offerings to a growing youth demographic. With Toffee, buying insurance takes less than 90 seconds and simple claims are processed in under two hours via a completely digital interface. Toffee’s initial lineup of products spans across health, lifestyle, and personal accidents with a core focus on simplicity and includes products such as StayFit Toffee, Anti-Dengue Toffee, Globetrotter Toffee, Renter Toffee, Commuter Toffee, Backpacker Toffee, etc.
The funding is received from marquee institutional investors, who have a diverse portfolio across healthcare, financial inclusion, insurtech. The funding will help accelerate product development and creating efficiencies in channel approach. The company also intends to build a strong insurtech team with capabilities across data science, machine learning, and AI.
With the support of angel investors Mr. Vivek Gujral & Mr. Harshal Shah, Toffee launched their beta platform in December 2017. Currently, the platform is integrated with seven insurance manufacturers to facilitate real time policy issuance and claims processing.
Regarding the latest round of funding, Rohan Kumar, CEO & Co-Founder, Toffee Insurance said, “We are really excited about the support we have received from Kalaari Capital, Omidyar Network and Accion Venture Lab. Their belief in our vision will strengthen our capabilities to develop better products across new channels in a scalable form. Our goal is to unbundle products and repackage them in a youth-friendly way that focuses on the benefits of insurance to almost make it a commoditised way to sell insurance rather than as a financial product.”
“Toffee’s digital-only platform helps low- and middle-income consumers across India quickly and easily get the coverage they need to protect themselves from financial shocks,” said Michael Schlein, President and CEO of Accion. “We’re excited to add Toffee’s affordable, accessible, and relatable insurance offering to our portfolio of Accion Venture Lab partners reaching India’s underserved,” added Paarul Dudeja, Director of Investments for India at Accion Venture Lab.
About Toffee Insurance
Toffee is insurance for the new-age: simple, affordable, and built to fit your lifestyle. Insurance has been very complicated and expensive for too long, so, co-founders Rohan Kumar and Nishant Jain, made it simple and sweet. What makes Toffee different is its ability to analyse, predict, and customise product offerings that reduce risk for this young demographic. Get bite-sized insurance for the things you care about. For more information, visit https://toffeeinsurance.com.
About Accion Venture Lab
Accion Venture Lab is the world’s leading seed-stage investor in fintech for the underserved. Venture Lab invests capital in, and provides support to, innovative fintech startups that increase access to, improve the quality of, or reduce the cost of financial services for the underserved at scale. Since launching in 2012, Venture Lab has deployed over US$10 million across more than 30 startups that work in over 20 countries worldwide. Venture Lab is a part of Accion, a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. Accion catalyzes financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of – or poorly served by – the financial sector. For more than 50 years, Accion has helped tens of millions of people through its work with more than 90 partners in 40 countries. For further information, visithttps://www.accion.org/venturelab.