Total amount raised
$5.2 Millions
Latest funding date
12/01/2022
Location
Insurance Samadhan has successfully raised funding through multiple rounds, with notable investors including Equanimity Investments and 100Unicorns. The platform specializes in resolving insurance complaints, offering services such as claim recovery and health claim reimbursement.
Keep reading to explore the intricacies of Insurance Samadhan's fundraising journey and the investors backing this innovative platform.
What Is Insurance Samadhan?
Insurance Samadhan, founded in 2018, is headquartered in Noida, Uttar Pradesh, India. The company specializes in resolving insurance complaints, offering services such as claim recovery, health claim reimbursement, and assistance with expired insurance policies.
The platform was established by Deepak Uniyal, Ravi Mathur, Sanjay H Aggarwal, Shailesh Kumar, and Shilpa Arora. It aims to help policyholders manage their insurance policies and resolve grievances efficiently.
With a team of 51-100 employees, Insurance Samadhan continues to grow, providing valuable support to both local and NRI policyholders through its comprehensive range of services.
How Much Funding Has Insurance Samadhan Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: August 2018
- Lead Investors: India Accelerator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and build the initial platform.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2020
- Lead Investors: Venture Catalysts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance service offerings.
- Seed Round
- Amount Raised: $1.5M
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve technology infrastructure.
- Seed Round
- Amount Raised: ₹55M (approximately $740,000 USD)
- Date: December 2021
- Lead Investors: Equanimity Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To upgrade services from claim redressal to an app providing claim management, insurance portfolio analysis, and policy servicing features.
- Series A
- Amount Raised: ₹248M (approximately $3.3M USD)
- Date: December 2022
- Lead Investors: IIFL Finance
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand market reach and enhance technological capabilities.
Total Amount Raised: $6.28M USD. Current Valuation: Not publicly disclosed.
Key Investors
- IIFL Finance
- Details: IIFL Finance is a leading financial services company in India, offering a wide range of services including loans, wealth management, and asset management.
- Investment Focus Areas: Financial services, real estate, technology
- Notable Investments: Not publicly disclosed
- Equanimity Investments
- Details: Equanimity Investments is a venture capital firm focused on early-stage investments in India, supporting innovative startups.
- Investment Focus Areas: Technology, consumer products, healthcare
- Notable Investments: Not publicly disclosed
- Venture Catalysts
- Details: Venture Catalysts is an integrated incubator that provides funding, mentorship, and network support to startups.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: Not publicly disclosed
- India Accelerator
- Details: India Accelerator is a startup accelerator that provides mentorship, resources, and funding to early-stage companies.
- Investment Focus Areas: Technology, fintech, healthcare
- Notable Investments: Not publicly disclosed
- 9Unicorns
- Details: 9Unicorns is an accelerator fund that invests in early-stage startups, typically those with high growth potential.
- Investment Focus Areas: Early-stage startups, high growth potential sectors
- Notable Investments: Hoopr, Evenflow
What's Next for Insurance Samadhan?
Insurance Samadhan is poised to capitalize on the growing demand for comprehensive insurance management solutions. With plans to upgrade their services to include claim management, insurance portfolio analysis, and policy servicing, the company is well-positioned to address the increasing complexities in the insurance sector. This expansion represents a significant opportunity, given their track record of resolving over 14,500 grievances.
Future fundraising rounds are likely as the company scales its operations and enhances its technological capabilities. The successful pre-Series A round led by Equanimity Investments and participation from 9Unicorns and Venture Catalysts indicates strong investor confidence. However, challenges such as building trust among policyholders and navigating regulatory requirements remain. As the insurtech industry continues to evolve, Insurance Samadhan's ability to innovate and maintain high service standards will be crucial for sustained growth.
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