New Delhi, Oct. 14 -- Promoters and investors, including the M. Pallonji Group, a business conglomerate, and Divya Sehgal, a former partner at private equity firm True North who is investing in his individual capacity, have infused around Rs.320 crore (approximately $33 million) into general insurance company Protec General Insurance, according to four people aware of the development. Existing investor Federal Bank also participated in the round.

"Since insurance is a regulated business, you first need to obtain a licence. Once you receive the licence, the promoters infuse the committed capital. The promoters had already committed this amount. So, this is primarily promoter money rather than a conventional fundraise," said one of the per...