[Funding alert] Insuretech startup Ensuredit raises Rs2.5 Cr led by Venture Catalysts

Insurance technology startup Ensuredit raised Rs 2.5 crore in pre-Series A round of investment led by Venture Catalysts.

According to the company, the latest capital infusion will be used to establish its position as a market leader by expanding its tech infrastructure and outreach.

Speaking on the investment, Amit Boni, Founder and CEO, Ensuredit, said,

“Ensuredit’s vision is simple: To digitally transform the Indian insurance industry using our AI-based, API-integrated platform and deliver a more enhanced customer experience to all the stakeholders across the sector. Venture Catalysts’ support and confidence in our idea gives us the much-needed motivation for making greater strides in our journey. We intend to use the funding to hit our next growth curve by significantly expanding our technology team and outreach capabilities.”

Founded in 2019 by Amit, Rohit Sadhu, and Vikas Ranga, Ensuredit aims to disrupt the insurance industry in India and unlock the next chapter of its development by utilizing the power of technology.  

With its ‘Platform as a Service’ business model, the startup is aimed at helping brokers, corporate agents, IMFs, and insurers to increase their revenue generation.

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Dr Apoorv Ranjan Sharma, Co-founder and President, Venture Catalysts, said,

“Using an AI-powered platform for empowering customers and insurance intermediaries is an innovative approach with great disruptive potential. Their robust IP, backed by the brilliance and relentless dedication of the founding team, makes us confident in our investment. Equipped with the right combination of innovation and determination, we are sure Ensuredit’s future will be nothing short of extraordinary.”

Ensuredit’s API-integrated platform claims to provide access to AI-powered distribution system, streamlined workflows, open APIs, and AI based analytics suite for a transformational customer experience. Its wide range of services include agent on-boarding, quote generation, processing payments, policy insurance and comparison, identifying cross sell and upsell opportunities, and creation of proposal.

Earlier this month, Venture Catalysts has lead investments in Klovechef (a conversational AI based startup) and Gully Network (a grocery tech startup).