InsurancePadosi Secures INR 4.19 Cr in Pre-Seed Funding

• ByStartupStory     |    August 28, 2024

InsurancePadosi, an emerging insurtech platform, has announced the successful completion of its pre-seed funding round, securing INR 4.19 Crore (approximately USD 500,000). The investment was spearheaded by Antler, a globally recognized early-stage venture capital firm. The funding round also saw significant contributions from prominent industry figures, including Hemant Kaul, former CEO and MD of Bajaj Allianz, and Satish Pillai, former CEO and MD of TransUnion CIBIL, who participated as angel investors.

The newly acquired funds will play a crucial role in strengthening InsurancePadosi’s technology infrastructure, expanding its range of insurance products, and enhancing its sales and marketing efforts. The platform is also poised to delve into underwriting and claims management to provide a comprehensive, end-to-end customer experience.

Nitin Sharma, Partner at Antler India, commented on the investment, saying, “The Indian insurance market, with over USD 20 billion in gross premiums and 50 million new policies sold annually, remains largely untapped. We believe InsurancePadosi is uniquely positioned to innovate in this space, offering personalised, data-driven policy recommendations that address critical issues of affordability and comprehension.”

InsurancePadosi’s focus on leveraging data to provide tailored insurance solutions aims to address significant gaps in the market, potentially transforming how consumers interact with insurance services in India.

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