[Funding] InsurTech startup Finsall raises INR 2.4 crore seed round led by Unicorn India Ventures

Bengaluru based Insuretech startup Finsall has raised Rs 2.4 crore in Seed round from Unicorn India Ventures. The round also saw participation from SEA Fund, Karthik Sridhar (CEO, SupplyAI) and Tirumala Gudla (Former 3M, Tech M). With the funds raised, the company plans to expand and strengthen its presence in tier I cities. It also aims to venture into tier II cities across India where they see a market and demand for their services.

About Finsall

Promod Khanna, Tim Mathews, and Prabal Khanna founded the InsurTech startup in 2018. Finsall provides 360-degree support and service of insurance premium financing to Indian customers. It further aims to make insurance accessible and affordable to individuals, households and enterprises. It encourages insurance policy purchase by helping with instalment support. For this, it has partnered with banks and NBFC’s that provide loans to such customers. The Finsall platform is currently operational in the major metros across India.

From the leaders

Talking about the startup, Tim Mathews, Co-founder & CEO, Finsall, states that the vision of Finsall is 'to ensure that under-insured and un-insured customers get access to funds for buying insurance.' He further adds, "This vision was deep-rooted because of the ground realities that we encountered across the length and breadth of India; during the prelaunch surveys and roadshows that we conducted. We have witnessed a significant rise in the number of people who take insurance from our insurance partners because of the financial support they get from our lending partners. We continue to engage synergistically with our partners to ensure that we can find win-win solutions.”

Anil Joshi, Managing Partner, Unicorn India Ventures, says, “Finsall’s business idea is really first of its kind. We have been working closely with the founding team from their early days. While they understand the product, we have been guiding them on the business and revenue generation. Finsall is leading insurtech innovations and is offering support on a critical element in the insurance journey. Their approach and ease of product design prompted us to invest in the Company.”

Manoj Agarwal, Managing Partner, SEA Fund, says, “Insuretech is an emerging sector for us. And Finsall is our 2nd investment in this space. While leveraging tech can deliver highly impactful results thereby making the customer experience better and provide insurance players with better underwriting algorithms. Finsall’s approach of helping customers meet their premium payment obligation is innovative as it addresses the starting point of policy seeker insurance journey. We believe there is a need to look at the insurance sector from multiple lenses and use tech to help the sector grow.”