PasarPolis Receives Fresh Funds From Xiaomi

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 cellphone manufacturer from China, but also LeapFrog Investments, SBI Investment, Alpha JWC Ventures and Intudo Ventures who are members 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 business growth, it currently looks more aggressive in the midst of 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 32 million US dollars of net profit from divestment 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.