- Ethos opens its new office in the technology center of
- It will hire 150 people by next year for its engineering, data science and analytics and other departments.
- The company will also move to other states like Hyderabad and Mumbai, Wange told Business Insider in an interview.
Ethos, which is a US-based term life insurance company, is ready to enter the Indian market by opening its new office in India’s technology hub – Bengaluru – to develop its technological innovation, research and development in engineering, its data analytics, data science, and operations, with significantly large business delivery teams.
To develop its activities in India, the American company will hire 150 people by next year, or 30% of the company’s total workforce. It will hire people in Bengaluru primarily for engineering, data science and analytics, product management, revenue and sales, Lingke Wang, co-founder and chairman of Ethos told Business Insider in an interview.
Wang said: “A large portion of our senior leadership come from India and after extensive research we decided to set up an office in Bengaluru as the city is rapidly becoming a hub of exceptional talent. We believe this office will be essential for our next phase of growth. India is home to one of the largest talent pools in technology and analytics, and we plan to establish a strong service delivery team here, as well as build a team of experts who will help transform lives millions of people through our mission to make life insurance accessible and affordable for everyone.
The reason for hiring, he mentioned, “The reason why we hire people in Bengaluru is partly because we need skills in our business to continue to grow our business.”
Asked about further growth plans in India, Wange expressed interest in moving to other states like Hyderabad and Bombay (Mumbai). He said: “Later on, opening more offices is definitely on the table. We can look at some areas like Hyderabad because we can see the potential opportunity and of course Bombay but our real focus right now is to work out of our Bengaluru office.
The company has raised over $400 million from high profile investors including – Softbank Vision Fund 2, Sequoia Capital, Accel, GV (formerly Google Ventures), General Catalyst, Jay-Z’s Roc Nation and investment vehicles stars. Will Smith and Robert Downey Jr.
It will use the latest fundraising to expand and expand its business in India.
The company says 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 600% year-over-year in 2021.
Ethos has offices in Austin, San Francisco, Seattle and Singapore.
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