Venture Catalysts, India’s first and largest integrated startup incubator and accelerator, has announced its latest investment in insurtech platform Insurance Samadhan to help them scale and serve every insurance policyholder in the country. The Pre-Series A round fund was led by Rajesh Sehgal, Partner- Equanimity Investments, and participating co-investors 9 Unicorns, 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), Insurance Samadhan was established 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. The tech engine, developed by Ravi Mathur who joined as a CTO in Oct’19 and with his immense contribution in every aspect of the business, he was promoted as a Co-Founder & CTO in July’21. With a very lean team, he has built tech completely in-house, which selects genuine complaints and helps the aggrieved policyholder in representing the claim in a factual manner. It also helps insurance companies make informed decisions on the complaints.
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.
Sharing his insights, Dr Apoorva Ranjan Sharma, Managing Director, Venture Catalysts Group, said, “Insurtech has heightened innovation in insurance in fascinating ways. This sector has an opportunity worth USD100+ billion. Even though insurance penetration in India is below 4% due to lack of awareness and more paperwork with less transparency, the internet penetration in India is at 45% and tech-based companies like Insurance Samadhan are here to change the mindset and make lives easier for policy holders across the country. They have shown immense exponential growth in a short period and we wish them success in their journey.”
Commenting on the fundraising, Deepak Bhuvenshwari Uniyal, Insurance Samadhan, said, “We are in a very niche space right now, operating as an industry leader. Resolving more than 14.5 k insurance grievances till now has been a great satisfaction. Our customers are in awe of us. 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.”
Insurance Samadhan has grown more than 10 times since its last fundraise of a seed round in April’20.