Finhaat Marks Milestone of Transforming 1.8 Million Lives, Sets Ambitious Expansion Goals for Rural India
- ByStartupStory | May 19, 2023
Finhaat, a financial product delivery platform created for the emerging middle-class and lower-income segments in India, announced that it has reached more than 18 lakh lives covering 60pct of India’s Pin codes through its unique insurance product offerings in FY23. The fintech start-up is currently in the process of expanding its reach to more rural communities of India, across states including Bihar, Jharkhand, Madhya Pradesh, Uttar Pradesh, Orissa, Assam, Tripura, Punjab, Haryana, Chhattisgarh, Andhra Pradesh, Karnataka, etc. With its unique assisted digital model, Finhaat seeks to bring together financial product providers and partner institutions to reach the underserved populations, in tier 3 & 4 cities of the country.
In 9 months of its operation since June 2022, the platform has successfully partnered with multiple leading insurance companies and more than 40 partner institutions. The platform offers affordable insurance products across the health, life, and motor categories, with a focus on catering to the specific requirements of underserved populations in tier 3 & 4 cities, as well as, rural areas.
Commenting on this milestone, Navneet Shrivastava, Co-Founder and Group Chief Business Officer, Finhaat said, “As a financial services provider, Finhaat recognizes that there is a huge under penetration of required financial services in India beyond the metros. The underserved population of India has unique needsthat must be addressed with tailored solutions. We are committed to bridging these existing gaps by offering affordable, accessible, and convenient financial products, to help improve their financial well-being. We have started by offering insurance products and our success in reaching over 18 lakh such lives in a short duration of a year is a testament to Finhaat’s focused approach to resolving the problem and also its understanding of their financial needs. We are excited to expand our reach to more rural communities in India this year, ensuring that our products can reach an even larger number of users across the length and breadth
of the country.”
The company intends to expand its existing product distribution network by including more than 200 partner institutions, resulting in a rise in the insurance policy count from 18 to 65 lakhs, this fiscal year. Finhaat, which has already established branches in Delhi and Maharashtra during its initial year of operation, has also partnered with financial institutions in over ten states, including Bihar, Jharkhand, Maharashtra, and Uttar Pradesh, to further expand its presence.
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