JAKARTA – PasarPolis, an insurance technology (insurtech) company in Indonesia and Southeast Asia, received series B funding with a total value of 54 million US dollars (US) or the equivalent of Rp796.5 billion from one of its investors, Xiaomi.
Not only the Chinese mobile phone manufacturer, but also LeapFrog Investments, SBI Investment, Alpha JWC Ventures and Intudo Ventures who are also part of the funding.
The plan is that the fresh funds will be used by PasarPolis to expand its business in Indonesia, Vietnam and Thailand. In terms of current business growth, it looks more aggressive amid the COVID-19 pandemic.
“Through this collaboration with leading local and global investors, PasarPolis is able to increase insurance penetration in Southeast Asia including Indonesia by expanding public access to insurance products,” said PasarPolis Founder and CEO, Cleosent Randing during an online press conference, Wednesday, September 2.
Meanwhile, the event which was also attended by Plt. The Director of Digital Economy of Kominfo RI, I Nyoman Adhiarna said that this investment can prove that the work of the nation’s children is getting more and more eye on the world.
“This shows that technology startups in the country can compete and are sufficiently seen in the global arena. The COVID-19 pandemic has indeed driven the development of digital technology and Kominfo provides full support for startup players to continue to innovate,” said Adhriarna.
Previously, PasarPolis had also received Series A funds from three investors in 2018, namely Gojek, Tokopedia, and Traveloka with an undisclosed amount.
As information compiled from TechCrunch, Last March Xiaomi had invested in more than 300 companies in March, with a total value of 4.54 billion US and 225.9 million US $ 32 million net profit from disposing of investment in just the first quarter.
The electronics giant is claimed to be fulfilling its ambition to build an IoT ecosystem. Most of the investments are aimed at generating strategic synergies.
The English and Chinese versions are automatically generated by the system. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
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