In a recent funding round, Mumbai-based insurtech startup Finhaat has raised $3 million in seed funding, with prominent agritech-focused venture capital firm Omnivore leading the investment round. Kettleborough VC also participated in the funding, underlining the growing interest in Finhaat’s innovative approach to democratizing insurance services.
Established in June 2022, Finhaat has rapidly emerged as a trailblazer in the insurtech space, focusing on providing digital insurance services to traditionally underserved communities. The startup’s proprietary distribution infrastructure has been instrumental in extending insurance coverage to rural areas and catering to middle and low-income populations in tier II and tier III cities.
The cornerstone of Finhaat’s operations lies in its commitment to addressing the insurance needs of those often overlooked by traditional financial services. Through a B2B insurance distribution and servicing platform, Finhaat collaborates with various institutions working with underserved demographics, including NBFCs, MFIs, BC networks, Nidhi companies, cooperatives, NGOs, and FPOs.
At the heart of Finhaat’s innovative approach is a suite of unique APIs tailored explicitly for its target segments. These APIs facilitate instant policy issuance and streamline the end-to-end claims process, ensuring a seamless and efficient experience for both partners and customers. This strategic use of technology has positioned Finhaat as a leader in leveraging fintech to bridge gaps in the insurance sector.
Sandeep Katiyar, Navneet Shrivastava, and Vinod Singh, the founders of Finhaat, are driving the company’s mission to make insurance accessible to a broader audience. Their SaaS-based platform ensures ease of implementation for partner institutions and prioritizes customer servicing, enhancing the overall accessibility of insurance products.
Omnivore’s leadership in the funding round reflects its strategic focus on supporting innovative startups that contribute to positive societal impact. With over a decade of experience and a portfolio of more than 40 startups, including notable names like DeHaat, Arya, Stellapps, Reshamandi, Ecozen, Aquaconnect, and Pixxel, Omnivore continues to play a pivotal role in fostering growth and innovation within the agritech and now insurtech sectors.
The $3 million seed funding injection will empower Finhaat to expand its reach, refine its technology, and strengthen its commitment to providing inclusive insurance solutions. As the insurtech landscape evolves, Finhaat stands poised to make a lasting impact on financial inclusion, bringing insurance services to those who need them most.
