[Funding alert] Insuretech startup Finsall raises Rs 2.4 crore in seed round from Unicorn India Ventures, others
Finsall, a Bengaluru-based insurtech startup, on Tuesday said it has raised Rs 2.4 crore in a seed round from Unicorn India Ventures. The investment round saw participation from SEA Fund and other angel investors, including Karthik Sridhar and Tirumala Gudla.
The insurtech startup plans to use this fresh round of funding to expand its operations in India from its current presence in major metros into Tier I cities and beyond.
Finsall founders: (from left) Tim Mathews, Prabal Khanna and Promod Khanna
Founded in 2018 by Promod Khanna, Tim Mathews, and Prabal Khanna, Finsall provides support and services of insurance premium financing by making this product accessible and affordable to individuals, households, and enterprises.
Speaking on the funding, Tim Mathews, Co-founder and CEO, Finsall, said, “Our vision behind Finsall was to ensure that under-insured and un-insured customers get access to funds for buying insurance.”
To encourage the purchase of insurance policies by those who cannot pay insurance premiums upfront and require instalment support, Finsall has tied up with banks and NBFC’s that provide loans to such customers. It has also partnered with insurance companies to make financing of insurance premium an easy task.
Tim said, “We have witnessed a significant rise in the number of people who take insurance from our insurance partners because of the financial support they get from our lending partners.”
Anil Joshi, Managing Partner, Unicorn India Ventures, said, “Finsall’s business idea is really first-of-its-kind. We have been working closely with the founding team from their early days. While they understand the product, we have been guiding them on the business and revenue generation.”
Finsall aims to provide access to funding for any customer who wants to purchase any type of general insurance policy.
Manoj Agarwal, Managing Partner, SEA Fund, said, “Insuretech is an emerging sector for us, and Finsall is our second investment in this space. While leveraging tech can deliver highly impactful results, thereby making the customer experience better, and provide insurance players with better underwriting algorithms.”