SINGAPORE-BASED insurtech startup Symbo has raised US$9.4 million in a Series A round led by CreditEase Fintech Investment Fund.
Other investors in the round include San Francisco-based investment firm Think Investments, and existing investors Integra Partners (formerly Dymon Asia Ventures), Insignia Ventures and AJ Capital.
Symbo has also acquired Vivant, a startup that helps brands and institutions create digital health platforms, in an all-stock transaction.
Both Symbo and Vivant were established and incubated by AJ Capital, a Singapore-based family office that manages money for India's Jhunjhunwala family. AJ Capital owns about half of the combined entity, founder and chief executive officer (CEO) of AJ Capital, Abhinav Jhunjhunwala, told The Business Times.
Vivant's CEO Adrit Raha has been appointed group CEO of Symbo in a newly created role.
Symbo's insurtech platform supports agents, third-party administrators, brokers, corporates and insurers in the purchase, distribution and administration of insurance across India and South-east Asia.
A large portion of the funds raised has been earmarked for investment into Symbo's Indian affiliate, with the intention of acquiring complete ownership of the business, subject to regulatory approvals.
Indian regulations now permit up to a 100 per cent foreign ownership of holders of an insurance brokerage licence, allowing Symbo to expand in a key market, said Mr Jhunjhunwala.
Other areas of investment include bolstering the core technology platform and leadership team. Symbo will recruit across senior technology and product functions, in addition to senior business development hires in Singapore, Malaysia and Indonesia.
Symbo's notable engagements include AXA Affin General Insurance Berhad (Malaysia), PM Care (Malaysia) and Bajaj Finserv Health. The startup said it supports over US$100 million in annual gross written premiums spanning life and general insurance across personal and commercial lines.