InsurTech company Finsall has reportedly raised INR 12 crore ($1.6m) in its pre-Series A funding round.
The round was led by existing investors Unicorn India Ventures and SEA Fund, according to a report from Inc 42.
With this capital, the company hopes to scale its platform and form new partnerships with insurers. It also plans to increase its market share within the insurance premium financing segment.
Finsall partners with insurance companies and offers financing against general insurance. Salaried, self-employed and business owners are all eligible for loans and clients can choose what insurance company to buy the policy from.
The company provides insurance premium financing for employee benefits, medical and personal accident insurance policies, motor vehicles insurance, package policies, factories and construction equipment.
Over the past 12 months, the company claims to have grown by 5,000-times.
Unicorn India Ventures managing partner Anil Joshi, told Inc 42, “Since our first investment in the company, it has grown 70% month-on-month and added capabilities in its platform. We are seeing strong business traction and a pipeline of customers, which is why we have decided to invest in them further.”
The India-based InsurTech previously raised INR 2.4 crore (328,000) in its seed funding round, which was also led by Unicorn India Ventures.
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