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| Finsall_Founders_From R to L_Promod Khanna, Prabal Khanna and Tim Mathews (1) |
Round led by Unicorn India Ventures,
SEA Fund and a clutch of angel investors including Karthik Sridhar (CEO of SupplyAI) and Tirumala Gudla (Ex - 3M, Tech M) also participated
Funds raised will be used for team expansion, scaling up the technology platform, on-boarding insurance companies, intermediaries and lenders.
· Finsall aims to solve problem of financing insurance premiums for individuals.
Mumbai/Bangalore 5th Jan, 2021: Bengaluru based Insuretech startup Finsall has raised Rs 2.4 crore in seed round from Unicorn India Ventures. The round also saw participation from SEA Fund, Karthik Sridhar (CEO, SupplyAI) and Tirumala Gudla (Former 3M, Tech M).
Finsall platform is currently operational in the major metros across India. With the funds raised, the company plans to expand and strengthen its presence in tier I cities and venture into tier II cities across India where they see a market and demand for their services.
Tim Mathews, Co-founder & CEO, Finsall, says, "Our vision behind Finsall was to ensure that under-insured and un-insured customers get access to funds for buying insurance. This vision was deep rooted because of the ground realities that we encountered across the length and breadth of India, during the prelaunch surveys and road shows conducted by us. We have witnessed a significant rise in the number of people who take insurance from our insurance partners because of the financial support they get from our lending partners. We continue to engage synergistically with our partners to ensure that we are able to find win-win solutions."
Finsall, an Inuretech startup incorporated in 2018 by Promod Khanna, Tim Mathews, and Prabal Khanna provides 360-degree support and service of insurance premium financing to Indian customers and aims to make insurance accessible and affordable to individuals, households and enterprises.
With a view to encourage purchase of insurance policies by those who cannot pay insurance premiums upfront and require installment support, Finsall has tied up with banks and NBFC's that provide loans to such customers. The Company has also partnered with insurance companies to make financing of insurance premium a seamless experience for all the stakeholders mainly the customers.
Anil Joshi, Managing Partner, Unicorn India Ventures, says, "Finsall's business idea is really first of its kind. We have been working closely with the founding team from their early days. While they understand the product, we have been guiding them on the business and revenue generation. Finsall is leading insurtech innovations and is offering support on a critical element in the insurance journey. Their approach and ease of product design prompted us to invest in the Company."
Finsall's goal is to provide access to funding for any customer who wants to purchase any type of general insurance policy. The journey begins when a customer approaches an insurance intermediary for buying a policy. If he is unable to pay the premium upfront, the insurance intermediary on-boards him on the Finsall platform via the Company app. Finsall's proprietary technology platform assess the risk profile of the customer and offers monthly financing options.
Manoj Agarwal, Managing Partner, SEA Fund, says, "Insuretech is an emerging sector for us and Finsall is our 2nd investment in this space. While leveraging tech can deliver highly impactful results thereby making the customer experience better and provide insurance players with better underwriting algorithms. Finsall's approach of helping customers meet their premium payment obligation is an innovative approach as it addresses the starting point of policy seeker insurance journey. We believe there is a need to look at insurance sector from multiple lens and use tech to help the sector grow."
About Finsall Resources:
Finsall Resources is a Bengaluru based insure-tech startup engaged in the business of providing access to funds for financing non-life 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 is also a part of the IRDA Sandbox and is incubated by NASSCOM and Kerala Startup Mission (KSUM).
About Unicorn India Ventures:
Unicorn India Ventures is a Mumbai-based VC that 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. It has also marked its first close of Rs 90 cr and has announced 6 investments.