Insurance-tech startup Ensuredit Technologies Pvt. Ltd on Tuesday said it has raised pre-Series A funding of $4.2 million (around Rs 33 crore) led by Cover Genius.
The round also saw participation from new and existing investors including 9Unicorns, NexStep Discovery Pte, CP Ventures, Venture Catalysts and IPV.
The Gurugram and Bengaluru-based platform plans to use the fresh capital to ramp up product offerings and expand the technology team.
Founded in 2019 by Amit Boni, Rohit Sadhu and Vikas Ranga, Ensuredit’s application programming interface (API)-integrated platform offers a range of services including agent on-boarding, quote generation and processing payments.
The startup also provides policy insurance comparison services, identifying cross-sell and upsell opportunities, and creation of proposals. The platform helps brokers, corporate agents, insurance marketing firms and insurers to boost their revenue.
“We look to deliver innovative technology and digitization solutions to the insurance industry, with a special focus on insurance intermediaries and distributors. We believe that empowering them with this technology is critical to the industry’s goal of making insurance available to every Indian,” said Amit Boni, founder and chief executive officer, of Ensuredit.
“As Cover Genius deepens its global capabilities, especially in the Indian market which is highly under-insured, we want to help Ensuredit use its technology to bring relevance to the traditional insurance market,” said Angus McDonald, CEO and co-founder, Cover Genius.
Cover Genius is an insurtech for embedded insurance that protects global customers of the world’s largest digital companies including Intuit, Booking Holdings, eBay, Shopee, Ola and Skyscanner.
The investment in Ensuredit underlines the continued interest in the insurance-tech segment in the country.
In April, healthcare and insurance technology platform Loop Health has raised $25 million in its Series B funding round co-led by General Catalyst and Elevation Capital (formerly Saif Partners).