Toffee Insurance is a Gurugram-based online insurance platform founded by Nishant Jain and Rohan Kumar in December 2017. The startup creates multiple innovative, single-event insurance products in new categories aimed at strengthening the safety net for underserved and first-time internet users. It targets the next half billion — the 500 million first-time internet users expected to come online within the next five years via mobile phones. The company says its products are contextual to the lifestyles and risks of its target segment and designed to provide financial scaffolding. Toffee plans to use its latest funds to expand and leverage data and product, improve merchant and customer experience, and pursue lateral distribution. The startup previously raised $1.5M in a seed round and has now completed a Series A to support these growth initiatives. Toffee Insurance is a technology platform that offers contextual, small-ticket insurance products targeted at millennials and younger customers. It provides a range of simple products (StayFit Toffee, Anti-Dengue Toffee, Globetrotter Toffee, Renter Toffee, Commuter Toffee, Backpacker Toffee) and works with underwriters such as Apollo Munich and Ergo to deliver tailor-made policies. The company emphasizes speed and simplicity: transactions take less than 90 seconds and simple claims are processed in under two hours via its digital interface. Toffee holds a composite corporate agent licence and covers health, lifestyle and personal accident areas. The startup intends to use its new funding for product development and to expand its team, with a stated plan to build an insurance‑tech team with capabilities across data science, machine learning and artificial intelligence. Financially, the company has raised a $1.5M seed round and previously raised a $100K angel investment in 2017 from Vivek Gujral (per Crunchbase).

Total raised

$7M

Funding rounds

2

Latest round

Series A

Latest activity

Dec 2019