The fund aims to provide mentoring, business and financial support to fintech startups
Insurance Samadhan resolves consumers’ insurance-related issues such as lapsed policy, policy rejection, fraud or claim rejection in life, health and general insurance policies
It claims to have resolved more than 12K B2B and 500+ hospital cases, and currently manages a network of more than 2500 advisors
Lending finance and investment service company IIFL Group’s early-stage fund IIFL Fintech Fund has acquired 16% stake in insurtech startup Insurance Samadhan for an undisclosed amount of funding.
Founded in 2018 by Sanjay H Aggarwal and Deepak Bhuvneshwari Uniyal, the New Delhi-based startup operates an online platform that resolves consumers’ insurance-related issues such as lapsed policy, policy rejection, fraud or claim rejection in life, health and general insurance policies.
Explaining the process, the startup said that its algorithm auto selects genuine complaints and resolves them.
“Excited to have IIFL as the leading investor in Series A round. We already have started getting a lot of support from the IIFL team in building the business. This fund would primarily be used to build further tech and marketing,” said Deepak Bhuvneshwari Uniyal, cofounder and CEO at Insurance Samadhan.
The startup claims to have resolved more than 12K B2B and 500+ hospital cases, and currently manages a network of more than 2500 advisors.
On the other hand, IIFL Fintech Fund, founded in August 2021, has a corpus of INR 210 Cr. Its portfolio includes Trendlyne, Leegality, FinBox, DataSutram, Multipl, Finarkein, TrustCheckr, Finvu and EasyRewardz, among others.
As per the startup the fund aims to provide mentoring, business and financial support to fintech startups.
“Not many players are operating in this segment and thus it is whitespace for Insurance Samadhaan to become a market leader. Their unit economics are positive and the growth of the company over the past one year has been phenomenal,” said Mehekka Oberoi, fund manager at IIFL Fintech Fund.
Interestingly, the IIFL fund has been launched at a time when the entire startup ecosystem is going through a cold funding winter. Reports of startups downsizing, laying off employees have been rife.
According to an Inc42 analysis, more than 18,000 employees have been fired by the Indian startups so far in 2022. This includes unicorns—Unacademy, Vedantu, OYO, BYJU’S and Zomato, to name a few.
However, all is not gloomy in this funding winter as we’ve reports of several VC fund launches this year, as well. AUM Ventures’ VC fund, SphitiCap’s $500 Mn VC fund, Artha Group’s INR 450 Cr fund and Fireside Ventures’ $225 Mn fund are some of the venture capital funds launched this year.