InsurancePadosi, an Indian insurtech startup, has secured $500,000 (approximately Rs 4.19 crore) in a pre-seed funding round. The round was led by a global early-stage venture capital firm, with participation from notable industry figures such as Hemant Kaul, former CEO and MD of Bajaj Allianz, and Satish Pillai, former CEO and MD of TransUnion CIBIL. Founded in 2023 by Vaibhav Kathju, Abhay Singh, and Gaurav Gupta, InsurancePadosi aims to simplify the insurance buying process for consumers in India.
The startup seeks to address the gap in the country’s insurance market, which, despite being valued at over $20 billion in gross premiums with 50 million new policies sold annually, remains under-penetrated with a penetration rate below 4% of GDP. InsurancePadosi’s flagship product is the Insurance Health Report (IHR), an AI-driven tool that empowers users to make informed decisions by providing a personalized, unbiased analysis of their insurance requirements. Users can receive a tailored analysis by answering a few simple questions, helping them secure optimal coverage.
insurancePadosi secures $500,000 pre-seed funds
CEO Vaibhav Kathju stated, “Our system can reduce the average insurance purchase time from 70 minutes to just 3-5 minutes, with a 95% accuracy rate in matching products to individual needs. After surveying over 1,000 health insurance holders, we discovered that more than 85% were significantly underinsured, despite having policies in place.”
The startup plans to allocate the raised capital towards strengthening its technology platform, expanding product offerings, and enhancing sales and marketing efforts.
Additionally, InsurancePadosi aims to venture into underwriting and claims management, providing a comprehensive, end-to-end customer experience. Kathju added, “Our mission is to empower individuals with the right insurance coverage, ensuring they make informed decisions based on highly personalized recommendations. Backed by esteemed investors, we are poised to reshape the insurance landscape.”
InsurancePadosi has already provided valuable insights to over 5,000 users through the IHR and intends to educate more than 200,000 individuals about their insurance needs, free of charge, within the next 12 months.
The company’s success in this funding round highlights the increasing importance of insurtech in the broader fintech ecosystem and positions InsurancePadosi as a key player in driving innovation within the sector.
- IndianStartupNews.”Insurtech startup InsurancePadosi raises $500,000 in a pre-Seed round”.
- Entrackr.”Antler leads $500K round in InsurancePadosi”.
- TripuraStarNews.”A Marwari Catalysts Startup, Insurancepadosi Secures 4.19 Cr Funding To Catalyse Innovation In India’s Insurance Sector.”.