US-based life insurance provider Ethos to set up its office in Bengaluru and hire 150 people in India
- Ethos is opening its new office in the tech hub of
- It will be hiring 150 people by next year or so for its engineering, data science and analytics and other departments.
- The company will also be moving to other states like Hyderabad and Mumbai, Wange told Business Insider in an interview.
AdvertisementEthos, which is a United States-based term life insurance provider company, is all set to enter the Indian market by opening its new office in the tech hub of India — Bengaluru — to expand its technology innovation, engineering research and development, data analytics, data science, and operations, with a significantly large business delivery teams.
To grow its business in India, the US company will be hiring 150 people by next year or so, which will be 30% of the total workforce of the company. It will be hiring people around in Bengaluru largely for engineering, data science and analytics, product management, and revenue and sales, told Lingke Wang, cofounder and president at Ethos to Business Insider in an interview.
Wang said, “A lot of our top leadership is from India and after extensive research, we decided to set up an office in Bengaluru, as the city is fast emerging as a center for exceptional talent. We believe that this office will be critical for our next growth phase. India is home to one of the largest tech and analytics talent pools, and we plan to set up a significant business delivery team here, as well as build a team of experts that will help transform the lives of millions through our mission of making life insurance accessible and affordable for all.”
The reason behind hiring, he mentioned, “The part of the reason why we’re hiring people in Bengaluru is because we need skill in our company to continue to grow our business.”
When asked about further growth plans in India, Wange expressed his interest in moving to other states like Hyderabad, and Bombay (Mumbai). He said, “ Down the road opening more offices is definitely on the table. We may look into some areas like Hyderabad because we can see the potential opportunity and of course Bombay, but our real focus right now is to work on our Bengaluru office.”
The company has raised over $400 million from an all-star cast of investors, including – Softbank Vision Fund 2, Sequoia Capital, Accel, GV (formerly Google Ventures), General Catalyst, Jay-Z's Roc Nation, and the investment vehicles of stars Will Smith and Robert Downey Jr.
It will use the latest fund raise to grow and expand its business in India.
The company claims that it issued $13 billion in life insurance coverage last year and was valued at $2.7 billion in 2021 and overall revenue and users grew by more than 600% year-over-year in 2021.
Ethos has its offices in Austin, San Francisco, Seattle, and Singapore.
With an eye on IPL, Mukesh Ambani boosts his war chest with a ₹13,500 crore investment from Murdoch
Is Ola hurrying into its electric car dream?
Popular on BI
- Migration to other social media platforms shows no signs of slowing following Elon Musk's chaotic takeover at Twitter, report says
- BHEL among 5 bidders for Rs 58,000 cr deal to manufacture, maintain 200 Vande Bharat trains
- Max Financial Services: Company worth ₹24,000 crore running with only 12 employees
- DroneAcharya AI IPO set to open next week on December 13; GMP at ₹25 per share
- Low pressure mounts over Andaman Sea, heavy rain expected to lash TN
- New Indian sustainable jet fuel technology could cut aviation emissions by 80%
- From digital shagun at a wedding to digital donation — unique use cases for Paytm go viral on social media
- Delhi HC seeks RBI stand on PIL seeking uniform banking code for foreign exchange transactions