Alongside the fresh infusion, VC Grid will provide Ideal Insurance with access to a global ecosystem of family offices and U-HNIS.
VC Grid, a community-driven, return-oriented syndicate fund comprised of family offices, U-HNIs, and accomplished entrepreneurs, announced its participation in the pre-series funding round worth Rs 8 crore for Ideal Insurance, an insuretech platform.
The round witnessed participation from investors including Sagar Daryani of Wow Momo, Atha Group Family Office, StyleBaazar Family Office, Deven Bhandari, Saket Agarwal, Shrachi Family Office, Shreyans Jain, Nawneet of Nawkiran Group, and Abhishek Rungta of Indusnet Technologies. Previously, the company had raised its seed round from Venture Catalysts and a few marquee angel investors.
As per a company statement, Ideal Insurance is poised to capitalise on the burgeoning $250 billion insurance market, expected to grow to $1.3 trillion by 2030. VC Grid is a part of the Venture Catalysts Group. Alongside the fresh infusion, VC Grid will provide Ideal Insurance with access to a global ecosystem of family offices and U-HNIS and catalyse business growth by leveraging community and market access.
Founded by industry veterans Rahul Agarwal, Ravi Kothari, and Rahul Mohata, Ideal Insurance leverages data-driven insights and personalized recommendations to streamline the insurance buying process, making it more accessible and user-friendly.
“With a team of more than 300 and a presence across 50+ cities, we plan to grow to 500 cities in the next 2 years with a premium collection of more than INR 1,100 crore and an EBITDA target of INR 33 crore. We plan to raise $10 million this year at a valuation of $70-90 million to achieve our desired growth,” said Rahul Agarwal, founder and CEO of Ideal Insurance.