Insurtech startup Finhaat and restaurant operator Spice Lounge raised early-stage funding, the companies said on Wednesday.
Finhaat has raised $3 million (Rs 25 crore) in seed funding, led by Omnivore. The round also saw participation from Ketleborough VC.
The Mumbai-based startup is planning to use the funds for product and tech stack development, hiring talent and expanding its partner base.
Founded in 2021 by Sandeep Katiyar, Navneet Shrivastava, and Vinod Singh, Finhaat provides digital insurance services to underserved groups, including rural communities and middle and low-income populations in tier-II and III cities in India.
The startup is building a business-to-business (B2B) insurance distribution and servicing platform for institutions working with the underserved, including non-banking financial companies (NBFCs), microfinance institutions (MFIs), Nidhi Companies, cooperatives and NGOs, amongst others.
“Our operations already cover over 65% pin codes in India. With this round, we hope to expand further by building out technological models, improving product experience and improving our partner base,” said Singh, co-founder, Finhaat.
Spice Lounge, the master franchisee of Buffalo Wild Wings has raised $1 million (Rs 8.3 million) in a revenue-based financing round from Klub.
It plans to use the funding to open new outlets in Bengaluru and Hyderabad.
In a statement, the firm said that it has partnered with Klub to manage a mandate to raise another $10 million for its expansion plans in 2024 as well.
The franchisee plans to open 25 outlets in India in 2024 in Tamil Nadu, Kerala, Goa, Maharashtra, and Delhi NCR. Currently, there are 8 outlets of Buffalo Wild Wings in India across Hyderabad and Bengaluru.
It also aims to expand to a quick service restaurant (QSR) model in 2024 and projects a revenue of Rs 150 crore by the end of FY25.
