Insurance Samadhan raises INR 5.5CR in Pre-Series A funding
Insurtech platform Insurance Samadhan has raised INR 5.5CR in Pre-Series A, led by Equanimity Investments. The participating co-investors are 9 Unicorns, Venture Catalysts, ZNL and angel investors.
A collective brainchild of Shailesh Kumar (Co-Founder & Insurance Head), Shilpa Arora (Co-Founder & COO), Deepak Bhuvneshwari Uniyal (Co-Founder & CEO), and Sanjay Aggarwal (Co-Founder & Legal Head). Ravi Mathur who joined as a CTO in Oct’19 and promoted to a Co-Founder & CTO in July’21.
Insurance Samadhan was established on 15th Aug’2018 to resolve insurance grievances like mis-selling, fraud and claim rejections in Life, Health and General insurance. Following a success fee-based revenue model, the firm has been a pioneer in helping aggrieved policyholders. They have resolved more than 14,500 grievances since inception.
The latest infusion of funds will help Insurance Samadhan strengthen its technology, which can be a win-win situation for both the insurance policyholder and the insurance company.
Commenting on the fundraising, Deepak Bhuvenshwari Uniyal, Insurance Samadhan, said, “We are in a very niche space right now, operating as an industry leader. As we have mastered the most complex part of the entire insurance life cycle, we now plan to serve a larger universe. We are upgrading our platform to an app offering claim management, insurance portfolio analysis, and policy servicing from just claim resolution. With our current round of funding, we will be able to build our brand and further enhance our technology.” Last but not the least, we thank Probhus Ventures- Embaark, the early stage vertical of Probhus Ventures , our sole advisors on the deal.
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Talking about the investment, Shilpa Sehgal, Partner at Equanimity, said, “They have successfully decoded and gained leadership in claim resolution; which is the most complex part of the entire journey and are now moving to claim management, policy management, and policy servicing. The founding team has been in the insurance space for more than a decade and understands the exact pain points that customer face while getting their rejected claims resolved. We wish the team luck and look forward to working together to address this massive demand.”
Sharing his insights, Dr. Apoorva Ranjan Sharma, Venture Catalysts, said, “InsurTech in India is a $100 billion opportunity despite a low penetration of 4%. Lack of awareness and more paperwork with less transparency are the major bottlenecks in this sector that tech companies like Insurance Samadhan are trying to solve. The startup has grown exponentially in a short period and we wish them success in their journey.”
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