Insurtech startup InsurancePadosi has successfully raised $500,000 in a pre-seed funding round led by global early-stage venture capital firm Antler, with additional participation from industry veterans Hemant Kaul and Satish Pillai. The funds are set to accelerate the development of InsurancePadosi’s technology platform, broaden its product offerings, and scale its sales and marketing operations.
Founded in 2023 by Vaibhav Kathju, Abhay Singh, and Gaurav Gupta, the Jodhpur-based company aims to streamline the often-complicated process of purchasing insurance by offering a more transparent and user-friendly experience. Its flagship feature, the Insurance Health Report (IHR), is an AI-driven tool that provides personalized insurance recommendations in under a minute, helping users find the right coverage tailored to their needs.
The Indian insurance market represents a significant opportunity, with over $20 billion in gross premiums and 50 million new policies sold annually. InsurancePadosi aims to tap into this market by not only offering innovative tools like the IHR but also expanding into underwriting and claims management. This would enable the platform to offer a comprehensive, end-to-end customer experience.
Since its inception, InsurancePadosi has already provided valuable insights to over 5,000 users through its IHR tool. Looking ahead, the company plans to educate more than 200,000 individuals about their insurance needs, free of charge, within the next year.
InsurancePadosi joins a competitive field that includes established players such as Acko, Policybazaar, Digit Insurance, and RenewBuy. With its fresh approach and recent capital infusion, the startup is well-positioned to make a significant impact on India’s rapidly evolving insurtech landscape.
