Switzerland-based Andiast, a software product development startup has raised about $1.5 Mn in a pre-Series A round of funding from former Swiss Post Solutions CEO Frank Marthaler and other investors. With this, Marthaler has also become the chairman of Andiast.
Founded in 2012 by Raghav Belavadi and Shikha Bedi, Andiast is a software product development company. It creates tools that help people to make informed decisions and businesses to operate efficiently.
A report from TechCircle said that the firm will use the capital for smartie.ch, its upcoming insurance policy aggregator platform for the Swiss market.
Smartie.ch will be supported by Andiast’s product development centre in Delhi and will be live on October 1st. Smartie.ch focuses to bring insurance companies, agents and customers together on an online platform.
Speaking on the development of Smartie.ch, Belavadi, co-founder of Andiast said, “The insurance aggregation platform, Smartie.ch, will soon be expanded to different countries such as Germany, Austria, France and India. We are expecting annual revenue of $1 Mn for 2015 and are targeting $7 Mn for the next year.”
Besides, Andiast is already in discussions with a Swiss telecom provider and a German venture capital firm to raise another $30 Mn (about INR 200 Cr.) in its Series A round of Funding; it is also keen to raise funds from Indian domestic investors in the Series A round. Currently, the company’s valuation is of $44 Mn.
Andiast also runs barebars.com, an online tool to rate, compare and analyse companies.
Indian players who are already are operating in this segment include Policybazaar, EasyPolicy and MyInsuranceClub.
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