Vitraya will use the fresh funds for hiring, global business development, and scaling existing products and technology
The development comes almost two years after Vitraya secured $1.5 Mn from Season Two Ventures
The Punjab-based insurtech startup enables automated, real-time payouts and claim settlements between hospital providers and insurers
Update| March 29 2023, 7:51 PM
In a revised statement, Vitraya said it has raised $5 Mn in the Series A funding round, which was led by StartupXSeed.
Season Two Ventures, Cactus, Xceedance, and the family office of Mankind Pharma also participated in the round.
Vitraya will use the fresh funds for hiring, global business development, and scaling existing products and technology.
Insurtech startup Vitraya has received $4.1 Mn equity investment in a Series A funding round from AI-based insurance solutions provider Xceedance.
Vitraya will use the proceeds to enhance its AI and blockchain technologies for healthcare insurance.
The development comes almost two years after Vitraya secured $1.5 Mn from Season Two Ventures.
Founded in 2019 by Ankur Shrivastava, Mrinal Sinha and Srinivas Kns, Punjab-based Vitraya’s tech platform enables automated, real-time payouts and claim settlements between hospital providers and insurers.
The startup uses AI and blockchain technologies to automate payment integrity, medical coding and administration for insurers.
“At Xceedance, we have made multiple investments in innovative insurtech organizations across global insurtech markets, but this is the first time we have targeted an India-based company. I look forward to being involved as Vitraya expands to serve larger segments of health insurance globally, starting with the Indian insurance and healthcare markets,” said Arun Balakrishnan, chief executive officer at Xceedance.
Vitraya said that it makes insurance claims documentation easier, decreases administration expenses and reduces errors and processing time for healthcare providers and insurance claims processors.
“This strategic investment from Xceedance is an important enabler for Vitraya. Xceedance is a trusted name in the digital transformation of insurance. Working together with Xceedance, we look forward to making insurance claims processing efficient and fraud-proof across the world,” said Mrinal Sinha, chief executive officer at Vitraya.
In India’s insurtech space, it competes with the likes of ClaimBuddy, Pazcare and ClaimTherapist, among others.
According to an Inc42 report, insurtech is one of the fastest-growing sub-segment of the Indian fintech industry. The sector is expected to grow at a CAGR of 57% during 2021-25.
Recently, stock exchange regulator SEBI asked insurtech unicorn Digit Insurance to refile its DRHP filing for IPO listing owing to compliance issues.