Toffee Insurance raises $1.5 million in seed funding

Toffee, the digital-only insurance platform for millennials has raised $1.5 million (Rs  10 crore approximately) 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. The company has a composite corporate agent licence.

Moneycontrol had reported in January 2018 that the company was looking at fund raising.

Vani Kola, Managing Director, Kalaari Capital, said the company is on to to create simple and small ticket size insurance products and distribute them in a very contextual way, which has huge potential to drive the mass adoption.
Founded by Nishant Jain and Rohan Kumar and launched in beta in December 2017, Toffee is a technology platform aimed at providing contextual and relevant insurance offerings to a growing youth demographic.

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 and Backpacker Toffee, among others.

The company said in a statement that it also intends to build a strong insur-tech team with capabilities across data science, machine learning and artificial intelligence.

Rohan Kumar, CEO & Co-Founder, Toffee Insurance, ​said: “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.”