Indonesian insurance startup PasarPolis is used to pulling in big-name investors after luring Tokopedia, Traveloka, and Gojek’s VC arm into its 2018 series A investment.

And now the startup has done it again, today revealing that Chinese phone and gadget giant Xiaomi is part of its newest funding round. PasarPolis’ series B amounts to $54 million, it said this afternoon in a statement.

Focusing on insurance policies, particularly small-scale policies designed for online merchants or ride-hail drivers, the startup operates across Indonesia, Vietnam, and Thailand. It’s looking to capitalize on fast-growth in a region where few people tend to insure aspects of their lives or businesses.

In Vietnam and Thailand, the firm taps into its alliance with Gojek, with insurance offered within the ride-hailing app.

PasarPolis facts & stats:

  • Launched in Jakarta in 2015
  • Expanded to Vietnam and Thailand in 2019
  • Partners with 30 insurance companies across Southeast Asia to develop tailor-made products
  • Alongside Xiaomi, the series B funding saw new investors enter: LeapFrog Investments, SBI Investment, AlphaJWC, and Intudo Ventures
  • Earlier investors also participated in the fresh round