Mumbai-based startup Finhaat has successfully raised $3 million in seed funding, with Omnivore leading the funding round and Kettleborough VC participating. This significant capital injection is poised to catapult Finhaat into a leading position in the industry as it aims to revolutionize digital insurance accessibility for underserved communities.
Founded in June 2022 by industry veterans Sandeep Katiyar, Navneet Shrivastava, and Vinod Singh, Finhaat has set its sights on narrowing the insurance gap by focusing on rural communities and the middle and low-income populations in tier II and tier III cities. The startup has developed a proprietary distribution infrastructure, employing a B2B insurance distribution and servicing platform tailored for institutions working with the underserved, such as NBFCs, MFIs, BC networks, Nidhi companies, cooperatives, NGOs, and FPOs.
At the core of Finhaat’s innovative approach is a suite of custom-built APIs designed to facilitate instant policy issuance and streamline the end-to-end claims process. This technology not only enhances operational efficiency but also aims to democratize insurance, making it more accessible to a broader customer base. The startup’s SaaS-based platform offers partner institutions a seamless implementation process and efficient customer servicing capabilities, distinguishing it in the competitive insurtech landscape.
Omnivore, a renowned impact venture capital firm, took the lead in the funding round, showcasing its confidence in Finhaat’s mission. With a track record of supporting over 40 startups, Omnivore has established itself as a key player in fostering innovation in sectors such as agri-tech and impact-focused industries. The firm’s first close of its third fund at $150 million in June underscores its commitment to backing ventures with transformative potential.
The strategic investment from Omnivore not only validates Finhaat’s vision but also provides the necessary financial fuel for the startup’s ambitious growth plans. The $3 million seed funding will be instrumental in scaling operations, enhancing technological capabilities, and extending the reach of Finhaat’s digital insurance services to a wider audience.
Finhaat’s founders, each bringing a wealth of experience and expertise to the table, envision their startup as a force for positive change in the insurance landscape. By addressing gaps in the market and focusing on inclusivity, Finhaat is poised to bring about a paradigm shift in how insurance services are accessed and utilized.
As Finhaat charts its course for the future, industry watchers are keenly observing its developments. The infusion of funds is expected to position Finhaat as a trailblazer in reshaping the insurance sector, making it more responsive to the needs of underserved communities and transforming the way insurance is perceived and adopted in diverse segments of the population.
