Fastsurance Consultants Pvt. Ltd, which operates insurance grievance-redressal platform Insurance Samadhan, has raised capital as part of its seed funding round from startup incubator and accelerator Venture Catalysts.
Deepak Bhuvneshwari Uniyal, co-founder at Insurance Samadhan, said in a statement the firm will use the funds to enhance its technological infrastructure and scale up its operations.
The New-Delhi based startup didn’t disclose the amount it raised.
Insurance Samadhan was founded in 2018 by Uniyal, Shilpa Arora, Shailesh Kumar and Sanjay Aggarwal. Insurance Samadhan says it allows people to file complaints relating to the sale of, fraud in or rejection of insurance policy claims.
It then uses its artificial intelligence-enabled platform to filter certain parameters and connect customers with their insurance companies, regulators or ombudsmen. The company claims to have so far resolved over 13,000 complaints.
The firm currently operates in verticals including retail, hospital, microfinance and corporate.
“Insurance Samadhan is leveraging modern technologies and the expertise of its board members to organize this fragmented market. The funding will help the company build its tech stack and realize its business targets,” Apoorv Ranjan Sharma, co-founder and president at Venture Catalysts, said.
Venture Catalysts’ bet on Insurance Samadhan is its latest investment this year. The startup incubator and accelerator was set up in 2015 by Sharma, Anuj Golecha, Anil Jain and Gaurav Jain.
The incubator and accelerator said its network of high net-worth individuals struck 60 investment deals and 27 exit transactions in 2019. Individual investors committed a total of Rs 117 crore (around $16.39 million), with the amount being part of a larger sum of Rs 563 crore that Venture Catalysts facilitated during these deals.
“Venture Catalysts identified the investment potential among HNIs from small towns who, till a few years ago, invested only in stock markets and real estate,” Sharma said at the time.
Venture Catalysts has conducted at least seven investments this year, including in Insurance Samadhan. Other bets it has made include prayer materials startup OM Bhakti, artificial intelligence-enabled helmet maker Altor, enterprise-focused neo-banking platform Nupay, financial-technology startup GetVantage, corporate venturing platform IncubateHub and solar panel cleaner startup Skilancer.
In August last year, it floated a fund, the 9Unicorns Fund, with a corpus of Rs 300 crore ($43.44 million), to help early-stage Indian startups expand their business.
