Insurance broking startup Finhaat raises $3 mn for business expansion

Finhaat, an insurance broking startup, said on Wednesday it has raised $3 million in a seed funding round led by Omnivore and attended by Kettleborough VC.

Finhaat provides digital insurance services to rural communities and middle- and low-income people in Tier-II and Tier-III cities.

“With this round, we hope to expand further by building robust technological models, enriching product experience, introducing innovative products, enhancing our partner base, and hiring resources for new verticals. We are determined to transform the financial services space for the underserved,” said Vinod Singh, co-founder of Finhaat.

The Mumbai-based company was founded in 2021 by Sandeep Katiyar, Navneet Shrivastava, and Singh. Katiyar is a former executive of ICICI Bank. Shrivastava has more than two decades of experience of working at Birla Sun Life, Future Generali and Aditya Birla Health. Singh previously handled various verticals at HSBC Bank.

Finhaat began operations in June 2022 with insurance as its first product vertical. It is building a business-to-business insurance distribution and servicing platform for non-banking financial companies, cooperatives, non-governmental organisations and other institutions working with the underserved.

The company said it has partnered with leading insurers in the country to distribute life, health and general insurance products. It is simplifying insurance processes through its technology-driven platform that will improve accessibility.

First Published: Dec 20 2023 | 11:49 AM IST