Finsall, an insurtech startup, raises Rs. 15 crore from SEA Fund and Unicorn India Ventures.
Insurtech startup Finsall, based in Bengaluru, has raised a bridge investment round of Rs 15 crore, led by SEA Fund and Unicorn India Ventures. The money will go toward starting a non-banking finance company, which will help expand lending activities and strengthen relationships with lenders and insurers.
In a bridge financing round headed by Unicorn India Ventures and SEA Fund and including a number of additional institutional investors, insurtech startup Finsall has received Rs 15 crore.
The Bengaluru-based company announced on Wednesday that it will utilize the freshly generated money to establish a non-banking finance company in order to scale its lending activities and provide more value to its customers in the form of financing for insurance premiums.
It further stated that the funds will also be used to assist the creation of new alliances with lenders, intermediaries, and insurers in addition to technology improvements that will establish an interface for smooth digital experiences for all of its stakeholders.
Leading a pre-series A fundraising round headed by Unicorn India Ventures and SEA Fund, Finsall raised Rs 12 crore in January 2022.
"Our numbers were increasing rather quickly, and our current investors thought it was a great boost given how quickly we were expanding. It provided us with a lot of tailwinds to move forward and grow in the present market, Finsall CEO and cofounder Tim Mathews told ET.
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