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Sunday / May 26. 2024
HomeAgribusinessInsurance platform Finhaat raises $3M from Omnivore to drive financial resilience

Insurance platform Finhaat raises $3M from Omnivore to drive financial resilience

The startup is building a B2B insurance distribution and servicing platform for institutions working with the underserved, including NBFCs, MFIs, BC networks, Nidhi companies, cooperatives, NGOs, and FPOs.

Finhaat, an insurance platform for India’s emerging segments, announced today that it has raised USD 3 million in Seed funding. Omnivore led the round with participation from Kettleborough VC. Through its proprietary distribution infrastructure, the startup provides digital insurance services to underserved groups, including rural communities and middle and low-income populations in tier 2 and tier 3 cities.

Finhaat began operations in June 2022 with insurance as their first product vertical. The startup is building a B2B insurance distribution and servicing platform for institutions working with the underserved, including NBFCs, MFIs, BC networks, Nidhi companies, cooperatives, NGOs, and FPOs. With its tech-driven approach, Finhaat has created a suite of unique APIs custom-built for the target segments for instant policy issuance and seamless end-to-end claims process to democratize insurance and reach more customers. Furthermore, Finhaat’s SaaS-based digital platform provides partner institutions with ease of implementation and customer servicing.

Based out of Mumbai, Finhaat was founded in 2021 by Institute of Rural Management Anand (IRMA) graduates and financial services veterans Sandeep Katiyar, Navneet Shrivastava and Vinod Singh. Sandeep began his career at ICICI Bank and later served as Chief Financial Officer at Arya Collateral. He also has an executive MBA from Harvard Business School. Navneet brings over two decades of experience with insurance giants, including Birla Sun Life, Future Generali and Aditya Birla Health. As for Vinod, he managed various banking verticals at HSBC, where he also established their NBFC arm before heading wealth lending at Avendus.

Vinod Singh, Co-founder of Finhaat, commented, “We are happy to have Omnivore’s support in our journey. The firm’s support validates our commitment to using technology to increase access and efficiency of essential financial services for rural India. Our operations already cover over 65 percent of pin codes in India. With this round, we hope to expand further by building robust technological models, enriching product experience, introducing innovative products, enhancing our partner base and hiring resources for new verticals. We are determined to transform the financial services space for the underserved.”

Jinesh Shah, Managing Partner at Omnivore, observed, “Financial inclusion remains dismally low in rural India – just 11.5% of households have net savings, and under 10% have life insurance. This vulnerability is most acute in low-income segments, especially for farmers confronting myriad risks. Yet, tailored products to mitigate uncertainties and boost financial stability and growth are few and far between. Finhaat is transforming this landscape, and we are excited to support its mission of improving financial access and resilience for the millions left behind by formal systems.”

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