InsurancePadosi raises $500K in funding led by venture capital firm Antler

InsurancePadosi, an insurtech platform, has raised $500,000 in its pre-seed round of funding led by global early-stage venture capital firm Antler, the company said in a press release today, August 27.

The funding round also saw participation from Hemant Kaul, former CEO and MD of Bajaj Allianz, and Satish Pillai, former CEO and MD of TransUnion CIBIL, who joined as angel investors.

InsurancePadosi, founded by Vaibhav Kathju, Abhay Singh, and Gaurav Gupta, offers solutions that simplify the complex insurance landscape for customers looking to buy insurance. It also offers a unique Insurance Health Report (IHR), the company's flagship product an AI-driven tool that provides personalized insurance recommendations in just 60 seconds, by answering a few simple questions, users receive clear, actionable insights. Through leveraging advanced analytics, InsurancePadosi aims to bridge the gap between customers and the right insurance policies, making the buying process seamless and transparent. The company's motive is to empower people to make informed decision making about their insurance policy, according to the founders. 

Commenting on the investment, Nitin Sharma, partner at Antler India, said, "The massive Indian insurance market, with over $20 billion in gross premiums and 50 million new policies sold annually, is still an underpenetrated opportunity. We believe InsurancePadosi is well positioned to innovate in this space by offering personalized, data-driven policy recommendations, addressing the core issues of affordability and understanding. This team of seasoned founders has shown exceptional execution, and we believe they’re on track to build a trusted brand in insurance advisory and sales.

The new funds raised will enable InsurancePadosi to strengthen its technology platform, expand its product offerings, and enhance sales and marketing efforts. The startups also plans to venture into underwriting and claims management services.

"Our mission is to empower individuals with the right insurance coverage, ensuring they make informed decisions based on highly personalized recommendations. After surveying over 1,000 health insurance holders, we discovered that more than 85% were significantly underinsured, despite having policies in place. In response, we’ve developed a system that reduces the average insurance purchase time from 70 minutes to just 3-5 minutes, with a 95% accuracy rate in matching products to individual needs. Backed by esteemed investors, we are poised to reshape the insurance landscape, aiming to help over 1 million customers secure optimal coverage by the end of next year," said Vaibhav Kathju, CEO of InsurancePadosi.