Insurtech startup Finsall has raised a seed round of Rs 2.4 crore led by Unicorn India Ventures. SEA Fund and a clutch of angels — Tirumala Gudla and Karthik Sridhar (CEO, SupplyAI) also participated in the funding round.
Founded in 2018 by Promod Khanna, Tim Mathews and Prabal Khanna, Finsall provides insurance premium financing service to policy seekers. The company partners with insurance companies and has also tied up with banks and NBFCs to provide loans for paying upfront insurance premium for the underserved market.
The company will use the funds to fuel expansion, strengthen its team, scaling up the platform, on-boarding insurance companies and lenders and intermediaries. Also, the startup aims to enter tier II cities with the latest fundraise.
Speaking about the startup, Anil Joshi, managing partner, Unicorn India Ventures, said: “The hefty premiums are a major roadblock and the biggest reason for Indians not buying insurance. By providing financial support to service premium, Finsall is addressing a real problem which can give a makeover to the whole sector.”
“This fund raise will help the company build a stronger technology team that can support the various demands of our stakeholders and customers. It will also reduce the turnaround time to roll out partnerships. On the business development front, the funds will help us gain access to SME and retail customers who are in need of premium financing across India,” said Tim Mathews, cofounder and CEO, Finsall.
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