Fintech firm Rubique ties up with Bajaj Allianz to offer insurance

Rajesh Kurup Mumbai | Updated on January 15, 2018

In talks with HDFC Life to provide life insurance plans

Rubique, an online marketplace for financial products, will now offer insurance through its platform and has partnered with Bajaj Allianz for distributing of the latter’s general insurance products.

The company is also in final stages of talks with HDFC Life to provide life insurance plans.

“Fintech is the flavour of the season, and we intent to rake in a good amount of revenues from the insurance vertical,” Manavjeet Singh, Founder and CEO of Rubique, told BusinessLine in an interaction. “We have received the Insurance Regulatory Development Authority’s approval for our proposed insurance foray. We are talking to a number of other players also, and will launch services by the end of this month.”

He, however, did not name the other insurance firms Rubique was in talks with.

The company’s insurance vertical’s product portfolio includes general, life and health insurance products. Rubique expects to sell 4,000-5,000 policies by June-end, he said.

The firm has processed loans worth over ₹1,250 crore since its inception in October 2014. About two-thirds of these loans were given to the small and medium enterprise sector.

Rubique, which was bootstrapped with an investment of $1.5 million, is looking at posting “profitability” by March 2018.

The company will also look at a Series B round of funding, on which it will take a call by April-end. The company, which has a presence across seven cities now, is looking at doubling it by September.

The company’s Series A funding of $3 million in Spetmebr 2015 was led by Kalaari Capital ,with participation from YourNest Angel Fund, and Globevestor and Dexter Angel Circle.

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Published on April 11, 2017
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