IIFL Fintech Fund acquires 16% of Samadhan for $2 million
- ByStartupStory | December 22, 2022
The IIFL Group’s early-stage investment vehicle, the IIFL Fintech Fund, has invested USD 2 million (about Rs 16.5 crore) in Insurance Samadhan for a 16% interest, valuing the platform at approximately USD 13 million (around Rs 107 crore).
During the series-A round, the business acquired an additional USD 1 million from other investors. The IIFL fintech fund’s tenth investment, and its first in the insuretech field, the company said, adding that it has now invested half of the fund’s Rs 210 crore capital.
The IIFL group launched the fintech fund in August 2021, with a corpus of Rs 210 crore and sponsorship from two of the firm’s subsidiaries, IIFL Finance and IIFL Securities. Trendlyne, Leegality, Finbox, Datasutram, Multipl, Finarkein, Trustcheckr, Finvu, and Easyrewardz are among the companies in which the fund has invested thus far.
Samadhan is an online platform that handles insurance-related complaints such mis-selling, expired policies, policy rejection, fraud, or claim rejection in life, health, and general insurance.
According to Deepak Bhuvneshwari Uniyal, cofounder and CEO of Samadhan, this investment will be used mostly to construct further technology and marketing.
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