Bengaluru-based Finsall, an insurtech startup focused on insurance premium financing, has raised Rs 12 crore (approximately $1.6 million) in a new pre-Series A round to scale its technology platform and increase its market share in the insurance premium financing market.
The round included existing investors Unicorn India Ventures and SEA Fund, as well as a slew of other investors, according to a statement from the startup. Unicorn Indian Ventures is well-known for its investments in high-growth fintech firms such as Open Bank and SmartCoin.
Finsall, founded by Promod Khanna, Tim Mathews, and Prabal Khanna, offers access to funds for financing insurance premiums via its proprietary technology platform. Customers, insurance intermediaries, insurance companies, banks, and non-bank financial companies are all linked through the platform.
With this round of investment, The insurtech startup will partner with new insurance partners to increase its market share in the insurance premium financing market. “We currently have customers in more than 500 cities pan India with a special focus on under-banked and underserved rural pockets,” Tim Mathews said.
The company will also be looking to enter into lending partnerships with top banks and NBFCs firms. “We have also opened financing for multiple products within the insurance industry to continue our scale up and build a strong business model,” Tim added.
Finsall previously raised Rs 2.4 crore in a seed round led by UIV and SEO Fund in January 2021, with participation from Karthik Sridhar (CEO of SupplyAI) and Tirumala Gudla (Former 3M and Tech Mahindra executive).
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