Venture Catalysts invests USD 1 mn in Ideal Insurance

ANI | Updated: Apr 12, 2018 13:02 IST

New Delhi [India], Apr 12 (ANI): India's first and largest integrated incubator, Venture Catalysts recently invested a sum of USD 1 million in Kolkata based comprehensive insurance management company Ideal Insurance Brokers 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.

A brainchild of Rahul Agarwal, Ideal Insurance is a pioneer in delivering niche and customized insurance services to its clients.

With breakthrough services, Ideal Insurance has steadily expanded his clientele including 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 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. 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," said Dr. Apoorv Ranjan Sharma, co-founder and president, Venture Catalysts.

"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," said Atul Jain from Samyakth Finserv.

"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., the investment has come at a much needed stage and will definitely bolster our growth and diversification plans," said Rahul Agarwal, founder and CEO, Ideal Insurance.

With over 170-members, Ideal Insurance is set to grow to employee strength of 500 in the next 18 months. The company at present has branches in six 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. (ANI)