Finsall Raises INR 12 Crore In Pre Series AFunds will be utilized to scale tech platform, secure insurance partnerships and increase market share
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Insurance-focused fintech platform Finsall has raised INR 12 crore in a pre Series A round from its existing investors – Unicorn India Ventures and SEA Fund – along with a clutch of other investors.
Finsall plans to use the fresh funds for scaling its technology platform, signing new insurance partners with an aim to increase its market share in the Indian insurance premium financing market. The company will also be looking to enter into lending partnerships with top banks and NBFCs.
"One of the biggest reasons for low insurance penetration in India is lack of financing options available for premium payment. Finsall's razor sharp focus on solving this problem has given them massive growth. We are seeing strong business traction and a pipeline of customers, which is why we have decided to invest in them further," said Anil Joshi, managing partner, Unicorn India Ventures.
"We currently have customers in more than 500 cities pan India with a special focus on under-banked and underserved rural pockets. We have also opened financing for multiple products within the insurance industry to continue our scale up and build a strong business model. This fundraiser is a stamp of our investor's faith in us as we continue to register growth across verticals," said Tim Mathews, co-founder and CEO, Finsall.
Finsall is a Bengaluru-based insure-tech startup founded by Promod Khanna, Tim Mathews and Prabal Khanna. It is engaged in the business of providing access to funds for financing insurance premiums 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, said a statement.
