Indonesian Insurtech Qoala Raises US$65 Million in Series Bby Fintech News Indonesia May 12, 2022
Indonesian insurtech startup Qoala announced that it has successfully raised US$ 65 million in a Series B funding round led by European investment firm Eurazeo.
With the new funds, Qoala aims to add over 250 employees this year with a focus on building an engineering and product management hub in Gurugram, India.
Qoala also plans to grant employees with equity compensation and give them the right to acquire shares in the company.
The company distributes retail insurance products to consumers through its omnichannel platform.
It also provides several innovative micro-insurance products through its partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo and Investree among others.
Qoala said that it has grown by 30 times since the Series A round in April 2020 having acquired over 50,000 insurance marketers while managing a platform supported by over 50 insurers.
It has also successfully expanded to Thailand and Malaysia in 2021.
Tommy Martin, Co-founder and COO of Qoala said,
“Qoala is the only insurtech with licenses in three markets in SEA and with this new round we are optimistic in sustaining our growth momentum.
Our business in Thailand has also already grown by three times since we joined forces with FairDee in February 2021, which gives us confidence in our expansion capability.”
Harshet Lunani, Founder and CEO of Qoala said,
“We will continue to invest towards scaling up Qoala’s reach in our core markets and focus on enhancing our technology and product experience to greatly reduce the hurdles to accessing insurance that are today still very significant.
Insurance penetration in Indonesia is currently only 2%, far behind the global average of 6%, with most consumers just beginning to understand the value of insurance and hence there is plenty of room for growth.”