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Insurance Technology (insur-tech) close Toffee Allowance has raised $5.5 actor Series A allotment led by IVM Intersurer forth with Omidyar Network, Flourish Ventures, Accion Venture Lab and Kalaari Capital.

This is Toffee Insurance’s additional afterwards accession from four of the bristles key investors afterwards their antecedent allotment annular of $1.5 actor in 2018.

In an alternation with Moneycontrol, Rohan Kumar, CEO and co-founder of Toffee Allowance said the aboriginal annular of funds was affidavit of concept.

"Funding from the accepted annular will go appear accretion the artefact portfolio and ascent absolute business. For instance, we could attending at activity added into our flagship aeon allowance product, area we could action allowance for accessories such as helmets and GPS units," Kumar added.

Founded by Nishant Jain and Rohan Kumar, Toffee is a belvedere aimed at accouterment contextual and accordant allowance offerings to a growing adolescence demographic. It had its beta barrage in December 2017.

The aggregation offers avant-garde allowance articles such as aeon insurance, bag allowance and adaptable allowance amid others.

Toffee is partnered with nine insurers including Apollo Munich Health Insurance, HDFC ERGO General Allowance and ICICI Prudential Life Allowance amid others.

Kumar said that the accepted annular of allotment would advice their business development plan for the abutting 18 months. Toffee is an 85-member aggregation of which bisected of it is the administration team.

Darshit Vora, Principal at Kalaari Capital said, "Toffee Allowance has a different archetypal and combines product, technology and administration to reimagine allowance articles in a way never apparent afore in India."

For instance, Toffee Allowance partnered with alfresco articles aggregation Wildcraft to action bag allowance in India. This haversack allowance will be accessible with the acquirement of any Wildcraft bag account Rs 1,299 or more. The amount of the allowance artefact is congenital into the bag's final price.

In August 2018, Toffee aloft $1.5 actor (Rs  10 crore approximately) in a annular of berry allotment led by Kalaari Capital, Omidyar Network and Accion Venture Lab.

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