Insurance distribution start-up Finhaat has raised $3 million led by agri-focused venture fund Omnivore, along with participation from early-stage venture fund Kettleborough VC.
The company’s online distribution platform sells insurance products to consumers in rural and semi-urban India.
The Mumbai-based start-up works with over 60 institutions like banks, credit societies, non-governmental organisations and self-help groups for last-mile insurance distribution.
Finhaat uses custom-built APIs for instant policy issuance and end-to-end claims process. The company says its SaaS-based digital platform provides partner institutions ease of implementation and customer servicing.
Founded in 2021 by graduates of the Institute of Rural Management Anand (IRMA) and financial services veterans Sandeep Katiyar, Navneet Shrivastava, and Vinod Singh, the company distributes life, health and general insurance products.
“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 per cent 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,” said Vinod Singh, Co-Founder, Finhaat.
“Financial inclusion remains dismally low in rural India — just 11.5 per cent of households have net savings, and under 10 per cent have life insurance. This vulnerability is most acute in low-income segments, especially for farmers confronting myriad risks,” said Jinesh Shah, Managing Partner at Omnivore