Insuretech Platform Finsall raises Rs 12 crore in Pre Series A
- Round raised from Unicorn India Ventures, SEA Fund and a clutch of investors
- Funds raised would be used for scaling the tech platform, securing insurance partnerships, increase market share in the Indian insurance premium financing segment and building lending partnerships with top banks and NBFCs
- Finsall raised Rs 2.4 crore last year
- The Company has seen 5000X growth in the last 12 months
Insurance focused Fintech platform Finsall has raised Rs 12 crore in a Pre Series A round from its existing investors – Unicorn India Ventures and SEA Fund – along with a clutch of other investors.
This is the 2nd round of investment by UIV, which is widely known for discovering high potential fintech companies like Open Bank and SmartCoin.
Finsall plans to use the fresh funds raised for scaling its technology platform, signing new insurance partners with an aim to increase its market share in the Indian insurance premium financing market. The Company will also be looking to enter into lending partnerships with top banks and NBFCs.
Anil Joshi, Managing Partner, Unicorn India Ventures, says, “One of the biggest reasons for low insurance penetration in India is lack of financing options available for premium payment. Finsall’s razor sharp focus on solving this problem has given them massive growth. Since our first investment in the company, it has grown 70% m-o-m and added capabilities in its platform. We are seeing strong business traction and pipeline of customers, which is why we have decided to invest in them further.”
Finsall is an end-to-end technology process for insurance premium financing. They have built a multi lender platform for banks and NBFCs so that lending can be done at scale and in a sustainable manner.
Manoj Kumar Agarwal, Managing Partner, SEAFUND, says, “We invested in Finsall when it was in the early stages of development of its technology platform and the team was developing a product market fit. The founding team had a great mix of young and experienced founders and was working on an unique strategy to address a perennial problem in Insurance in India. As a fund, we track and back Insurtech and we believe that Premium Financing is an enabler for higher insurance sales and Finsall is able to cater specifically to the problems faced by this customer segment.”
Tim Mathews, Co-founder & CEO, Finsall, says, “We currently have customers in more than 500 cities pan India with a special focus on under banked and underserved rural pockets. We have also opened financing for multiple products within the insurance industry to continue our scale up and build a strong business model. This fund raise is a stamp of our investor’s faith in us as we continue to register growth across verticals.”
Finsall opened up financing for other insurance premium in addition to catering to retail customers in motor and health insurance. The Company has now expanded to address the MSME sectors’ needs for premium financing.
The General insurance industry is a Rs 2 lakh crore market currently. Finsall aims to be a market leader in this segment for providing insurance premium financing as the preferred payment option for the under-insured and un-insured population in India.
About Unicorn India Ventures
Unicorn India Ventures is a Mumbai-based early stage fund house started in 2015 by Anil Joshi and Bhaskar Majumdar. The Fund has also launched a UK India cross border fund for funding UK startups looking to enter India and have invested in 7 UK startups. From its first Fund, UIV has invested in 18 companies like Inc42, Sequretek, Pharmarack, Genrobotics, NeuroEquilibrium, SmartCoin, Open Bank, Open app to name a few. Unicorn India has also announced Fund II, which is a Rs 400 crore fund launched in 2019 which has invested in 10 companies so far
About Finsall Resources
Finsall Resources is a Bengaluru based insure-tech startup founded by Promod Khanna, Tim Mathews and Prabal Khanna. It is engaged in the business of providing access to funds for financing insurance premium through its proprietary technology platform. The platform connects customers, insurance intermediaries, insurance companies, banks, and NBFC’s with a focus on increasing insurance penetration in India. Finsall was a part of the IRDA Sandbox and is incubated by NASSCOM and Kerala Startup Mission (KSUM).