IIFL Fintech Fund picks up 16% in Samadhan for $2M
Samadhan CEO Deepak Bhuvneshwari Uniyal said the startup will use the fund to build tech and marketing.
The IIFL Group's early-stage investment vehicle, IIFL Fintech Fund, has invested $2 million (around Rs 16.5 crore) in insurance technology startupfor a 16% stake, valuing the platform at around $13 million (around Rs 107 crore).
The startup also received another $1 million from other investors in its Series A funding round.
Samadhan is an online platform that deals with resolving insurance-related complaints, including mis-selling, lapsed policies, policy rejection, fraud or claim rejection in life, health and general insurance.
Deepak Bhuvneshwari Uniyal, Co-founder and CEO at Samadhan, said that the fund raised will primarily be used to build tech and marketing.
The IIFL Group launched the fintech fund in August 2021 with a corpus of Rs 210 crore with sponsorships from two group companies—IIFL Finance and IIFL Securities.
This is IIFL Fintech Fund's 10th investment and the first in the insuretech space, the company said, adding it has already invested 50% of the Rs 210 crore corpus of the fund.
So far, the fund has invested in Trendlyne, Leegality, Finbox, Datasutram, Multipl, Finarkein, Trustcheckr, Finvu, and Easyrewardz.
Edited by Suman Singh