Insurance startup Finhaat has recently raised $3 million in seed funding, a significant step forward in their mission to revolutionize the insurance landscape, especially for underserved communities in India. This funding round was led by Omnivore, with participation from Kettleborough VC.
Finhaat, established in June 2022 by industry veterans Sandeep Katiyar, Navneet Shrivastava, and Vinod Singh, focuses on bridging the insurance gap in rural communities and middle to low-income groups in tier 2 and tier 3 cities. The startup aims to build a B2B insurance distribution and servicing platform specifically tailored for institutions that cater to these underserved populations, including non-banking financial companies (NBFCs), microfinance institutions (MFIs), Nidhi Companies, cooperatives, NGOs, and more.
The Mumbai-based firm has developed unique APIs for instant policy issuance and end-to-end claims processing. Their technology-driven approach not only enhances operational efficiency but also aims to democratize insurance, making it more accessible to a broader customer base. Finhaat’s SaaS-based platform offers partner institutions a seamless implementation process and efficient customer servicing capabilities.
With this recent funding, Finhaat plans to utilize the capital for product and tech stack development, hiring talent, and expanding its partner base. Currently, their operations cover over 65% of pin codes in India. The company intends to further expand its reach by building robust technological models, enriching product experience, introducing innovative products, enhancing its partner base, and hiring resources for new verticals.
This investment from Omnivore not only validates Finhaat’s vision but also provides the necessary financial fuel for the startup’s ambitious growth plans. The $3 million seed funding is expected to play a crucial role in scaling operations, enhancing technological capabilities, and extending the reach of Finhaat’s digital insurance services to a wider audience.
The funding and Finhaat’s mission have garnered considerable attention, positioning the company as a potential game-changer in the insurance sector, especially in terms of accessibility and adoption in diverse segments of the population.