InsurancePadosi, an Indian InsurTech startup, has successfully closed a $500,000 pre-seed funding round, led by the global early-stage venture capital firm Antler.
The round also attracted participation from prominent industry figures, including Hemant Kaul, former CEO and MD of Bajaj Allianz, and Satish Pillai, former CEO and MD of TransUnion CIBIL, according to InsurTech Insights.
The InsurTech plans to use the newly raised funds to enhance its technological platform, expand its product portfolio, and scale its sales and marketing efforts. Additionally, InsurancePadosi aims to enter underwriting and claims management to offer a full end-to-end experience for its customers.
Headquartered in Jodhpur, India, and founded in 2023 by Vaibhav Kathju, Abhay Singh, and Gaurav Gupta, the company is aiming to disrupt the traditional insurance purchasing process.
To do this, InsurancePadosi offers a simplified and transparent approach to insurance, addressing the challenges of India’s underpenetrated insurance market, which generates over $20bn in gross premiums annually.
With a penetration rate below 4% of GDP, the company seeks to provide consumers with a more informed and accessible way to purchase insurance, ensuring that they have optimal coverage.
A core offering of InsurancePadosi is its AI-powered “Insurance Health Report” (IHR), which provides users with personalised insurance recommendations.
Through a short questionnaire, the system delivers a bespoke analysis of individual insurance needs, cutting the average purchase time from 70 minutes to 3-5 minutes and boasting a 95% accuracy rate in matching products to user requirements.
InsurancePadosi CEO Vaibhav Kathju, commented, “Our mission is to empower individuals with the right insurance coverage, ensuring they make informed decisions based on highly personalised recommendations. Backed by esteemed investors, we are poised to reshape the insurance landscape.”
Kathju also emphasised the company’s findings that more than 85% of health insurance holders were underinsured, a gap the platform aims to address with its cutting-edge technology.
To date, this is the company’s first round of funding since its inception.
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