Indonesian insurtech startup Qoala bags $65m in funding, to hire 250 more this year

Harshet Lunani (CEO and Founder of Qoala) and Tommy Martin (COO and Co-founder of Qoala)

Qoala, an insurtech startup based in the Indonesia, announced that it has raised $65 million in a Series B funding round led by French investment firm Eurazeo.

The funding round also saw the participation of several of the startup’s existing investors, including Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus, and Sequoia Capital India.

New investors also include BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia, and Salt Ventures, per the announcement.

Based in Indonesia, Qoala distributes retail insurance products to consumers for car, bike, home, and health through its omnichannel platform. It expanded to Thailand and Malaysia in 2021.

Qoala has acquired over 50,000 insurance marketers and provides a platform supported by over 50 insurers for them to sell insurance from multiple insurers, while managing pre-sale and post-sale services. It also provides several innovative micro-insurance products through its partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo, and Investree among others.

“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,” said Tommy Martin, Co-founder and COO of Qoala.

Qoala aims to add over 250 employees this year focus on building out an engineering and product management hub in Gurugram, India. In parallel, Qoala also plans to grant employees with equity compensation and give them the right to acquire shares in the company to strengthen employee ownership in the company.

“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,” said Harshet Lunani, Founder and CEO of Qoala.

“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. Indonesia, Thailand, and Malaysia are amongst the top 10 fastest growing global markets for insurance in the next decade,” added Harshet. –