$1.5 Million for Toffee
Toffee, the Gurgaon-based digital insurance startup founded in 2017, has raised $1.5M in a Seed round led by Kalaari Capital, Omidyar Network and Accion Venture Lab. Previously, Toffee raised $100k from angel investor Vivek Gujral.
“Our goal is to unbundle products and repackage them in a youth-friendly way that focusses on the benefits of insurance to almost make it a commoditised way to sell insurance rather than as a financial product” – Toffee’s cofounder and CEO, Rohan Kumar.
Toffee offers tailor-made policies underwritten by Apollo Munich and Ergo in the areas of health, lifestyle and personal accidents. Current products include: (1) Anti-Dengue Toffee – health insurance to cover all dengue related expenses, (2) Globetrotter Toffee – comprehensive international travel insurance, (3) StayFit Toffee – insurance for injuries due to running, cycling and gym workouts, (4) Renter Toffee – personal belongings insurance against theft, damage and fire, and (5) Commuter Toffee – accidental insurance for commuting in any vehicle. The startup plans on adding new products soon, which include: Backpacker Toffee – insurance package for domestic travel, Breast Cancer Toffee – insurance in the event of breast cancer and Smoker Toffee – insurance in the event of lung cancer.
“Insurance is highly under-penetrated in India and it needs product innovation to reach the masses . Rohan and Nishant are onto the mission of creating simple and small ticket size insurance products and distribute them in a very contextual way and this has huge potential to drive a mass adoption. We are very excited to be a part of the Toffee Insurance journey” – Managing Director at Kalaari Capital, Vani Kola.