The company, which did not disclose the names of others investorsSaid that it will deploy capital in technology and expand its presence across geographies.
Founded by Blue Orchard, an initiative of United Nations and is a part of Switzerland’s Schröders Group, manages $960 billion and has investments in more than 90 countries in Asia, Eastern Europe, Latin America and Africa.
In FY 2011, Probus has sold 1.3 million policies across 14,500 pin codes. Apart from online presence, it also has a strong local footprint and distribution network, covering over 400 cities, and is working towards reaching over 10 million insurance beneficiaries over the next four years. More than 80 percent of its reach is in smaller cities.
Probus currently offers motor, life, health and travel insurance and pouch products on its online platform and is working in the area of ​​climate insurance for retail customers.
Probus Managing Director Rakesh Goel said that with this fundraising, Probus will strengthen its technology infrastructure and deep technology capabilities, enhance AI and ML experiences on its platform, and provide support for other languages.
Blue Orchard is a leading global impact investment manager and member of the Schröders Group of Switzerland and is dedicated to creating lasting positive impacts for communities and the environment with the aim of providing investors with attractive returns.