Former MobiKwik COO’s Insurtech Startup Vitraya Technologies Raises INR 34 Cr Funding

Mohali-based insurtech startup Vitraya Technologies has raised over INR 34 Cr ($4.1 Mn) in its pre-Series A funding round led by StartupXseed Ventures’ Aaruha Technology Fund II, its regulatory filings with the Registrar of Companies (RoC) showed.

Vitraya Technologies’s board passed a special resolution to issue 539 pre-Series A compulsorily convertible preference shares (CCPS) at INR 93,981 each and 1,854 A-2 CCPS at INR 1,56,634 per share to raise the funding.

While Series A CCPS were issued to StartupXseed Ventures and individual investors Eklavya Juneja and Sheetal Arora, A-2 CCPS were issued to Season Two Ventures Fund, Cactus Partners Fund, Xceedance Consulting Limited, and J&A Partners besides the first three.

While StartupXseed Ventures pumped in a total of 11.8 Cr in Vitraya Technologies in the funding round, J&A Partners and Xceedance Consulting Ltd invested INR 6 Cr and INR 4.3 Cr, respectively. Cactus Partners Fund I infused almost INR 5 Cr in the round.

The development was first reported by Entrackr.

Founded in 2019 and led by former Mobikwik COO Mrinal Sinha, Vitraya Technologies has built a tech platform to enable automated, real-time payouts and claims settlement between hospitals or healthcare providers and health insurers. The core of Vitraya platform’s lies in its AI-enabled blockchain technology that enables this automation, as per the startup’s website.

Vitraya Technologies competes with the likes of ClaimBuddy, Pazcare, ClaimTherapist, among others, in the insurtech space pertaining to health. 

In June last year, Pazcare raised $8.2 Mn (approx INR 63.8 Cr) in its Series A funding round led by Jafco Asia with participation from existing investors, including 3One4 Capital and BEENEXT.

ClaimBuddy also raised $3 Mn (INR 21 Cr) in its pre-Series A round of investment, co-led by Chiratae Ventures and Rebright Partners last year.

As per an Inc42 report, insurtech is the fastest-growing fintech sub-segment in terms of market share, growing at a compound annual growth rate (CAGR) of 57% between 2021 and 2025.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.