Toffee Insurance gets $1.5 million in seed funding

BENGALURU: Digital-only insurance startup, Toffee Insurance, said it has raised $1.5 million in a seed funding round, led by Kalaari Capital, Omidyar Network and Accion Venture Lab. The company plans to use the funds for product development and team expansion. Founded by Nishant Jain and Rohan Kumar, Toffee Insurance was launched in December 2017 with funding from angel investors Vivek Gujral, co-founder of insurance software firm One Shield Inc and Harshal Shah.
The firm has currently tied-up with seven insurance companies for real-time policy issuance and processing of claims. " Our initial lineup of products is focused on health, lifestyle needs and personal accidents like -- StayFit, Anti-Dengue, Globetrotter, Renter, Commuter, Backpacker, among others," said Rohan Kumar, CEO & Co-Founder, Toffee Insurance.
“Insurance is highly under-penetrated in India, and it needs product innovation to reach masses. The mission Rohan and Nishant are onto to create simple and small ticket size insurance products and distribute them in a very contextual way has huge potential to drive the mass adoption," said Vani Kola, managing director, Kalaari Capital.