Hyderabad: Alliance Insurance Brokers, an insurance service provider, risk manager and reinsurance broker, catering to several industries is planning to raise $20 million (over Rs 140 crore) to meet its expansion needs in the next six months.
The company offers insurance in sectors such as aviation & aerospace, financial institutions, infrastructure & energy, manufacturing, services, media & entertainment and sports & events.
Alliance also forayed into the corporate insurance and reinsurance market; and later extended focus into small and medium businesses. It is now focusing on digitising the insurance model and is getting technology linked to Insurtech platforms such as Elephant, PCG, Employee Benefit 360 and SME Insure.
The company today controls 45 per cent of raw and unpolished diamond insurance industry in the country. Till date, it has supported more than 1,000 small and medium enterprises in their growth.
Aatur Thakkar, co-founder of Alliance Insurance Brokers, told Telangana Today, “We raised Series A round in 2014-15 post which we have been generating revenues and remain profitable. We have $20 million (over Rs 140 crore) to invest into our current activities. We could be going for a Series B round in the next six months to raise another $20 million (over Rs 140 crore).”
The company has revenues at about Rs 110 crore during the last fiscal, growing at a rate of 33 per cent year-on-year, informed Thakkar.
Presence in Hyderabad
Alliance is seeing big opportunities in new sectors such as aquaculture and has set up base in Hyderabad to benefit exporters.
He added, “Telangana is a promising market. We have a large team operating. We cater to road and infrastructure companies. We are also seeing opportunities in IT market and have deep presence in insuring Telugu films. Health insurance is an emerging sector in the State for us.”
There are new opportunities in the emerging technology space and data-driven and data-dependent sectors.
“Be it stock exchanges, commodity exchanges, large IT or media houses, cyber security is a key segment. The company sees opportunities to partner with corporates in pharmaceuticals, communication, aviation and media where data plays a key role, to ensure protection at the employee level. We believe data is the new oil. Cyber crime and professional negligence can destroy a startup. And startups should be insured for such risks. We are keen to help them,” he added.
Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.