finhaat: Insurance Broking Platform Finhaat Raises $3 million in funding from Omnivore, others

0


Insurance distribution startup Finhaat has raised $3 million in its first institutional fundraise led by agri-focused venture fund Omnivore, along with participation from early-stage venture fund Kettleborough VC.

Finhaat runs an online distribution platform through which insurance products are sold to consumers in rural and semi-urban India.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College Course Website
Indian School of Business ISB Product Management Visit
IIM Kozhikode IIMK Senior Management Programme Visit
IIM Kozhikode IIMK Advanced Data Science For Managers Visit

The Mumbai-based startup works with over 60 institutions like banks, credit societies, non-governmental organisations and self-help groups to distribute insurance to the last mile.

“With the fresh funds we will scale up our operations with the target of onboarding one crore customers every year by the end of the next year. We will also be launching basic wellness services, doctor-on-call and the like,” said Vinod Singh, chief executive officer, Finhaat.

The startup, which obtained its broking licence last year, intends to scale up its technology platform, invest in business development and set up internal processes and controls with the fresh funds.

Finhaat distributes life, health and general insurance products, working with almost every large insurance company in the country. Since inception it has served around 40 lakh customers. Most of its products are sold as embedded insurance, clubbed with credit products sold by its partner organisations.

Discover the stories of your interest


“We have built a digital platform which is not meant for only sales and distribution, but also for servicing of claims. Currently, we are processing around 2,500-3,000 claims every month,” said Singh.In terms of processing premium payments, the company is nearing a monthly run rate of around Rs 20 crore, he added.

Finhaat was incorporated in 2021, but formally started operations in June 2022. It was founded by ex-ICICI Bank executive Sandeep Katiyar, Navneet Shrivastava, who has spent time in insurance working with Birla Sun Life, Future Generali and Aditya Birla Health, and Vinod Singh, who was at HSBC Bank.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.



Source link

Denial of responsibility! Planetconcerns is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment