INSURTECH STARTUPS
Y Combinator-backed AI robotics startup Pivot Robots raises funding from NuVentures
Pivot Robots will use the funds for team expansion, particularly in the areas of motion planning and computer vision. Siddharth Girdhar, cofounder of the company told ET, the funding will facilitate team growth, especially in motion planning and computer vision. Additionally, it will support increased robot testing and the establishment of office space.
Eyeing a healthcare career? Here are the trending roles, skills and pay brackets you should know
The Indian healthcare sector is booming, becoming an economic backbone with opportunities in healthtech and insurtech. High-end technology has opened doors for new careers, emphasizing the importance of specific skills for success in the evolving industry.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed them.
Go Digit hits second year of profit in FY24, shares surge
The company's shares were up nearly 10% in the early trade on Wednesday, the stock closed at Rs 341,75, up 1% from the previous day. In the last quarter of FY24, Go Digit reported Rs 2,336 crore worth of gross premium collected, up 19.4% from Rs 1,955 crore in the prior quarter. For the full year, the company collected Rs 9,016 crore in premiums, marking a 24% rise from Rs 7,243 crore in FY23.
Insurtech startup Finsall raises Rs 15 crore from Unicorn India Ventures, Seafund
Finsall, a Bengaluru-based insurtech startup, raised Rs 15 crore in bridge funding led by Unicorn India Ventures and Seafund. The funds will be used to establish a non-banking finance company for scaling lending operations and enhancing partnerships with insurers and lenders.
Zepto’s mega financing; shareholder battle at Kenko Health
Happy Wednesday! Zepto is holding talks with investment fund DST Global and venture capital firm Lightspeed for funding. Details on this and more in today's ETtech Morning Dispatch.
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Insurtech startup Kenko Health stares at shutdown: What went wrong?
Insurtech startup Kenko Health is facing closure due to a shareholder battle and funding issues. The company, backed by Peak XV Partners and Orios Venture Partners, struggled to raise capital from the Hero Group, leading to a stalemate. With no immediate funding prospects, the $39.7 million-valued firm is on the verge of shutdown, impacting its workforce and operations.
Mygate enters insurance distribution business, partners with Acko
Mygate app, in partnership with Acko General Insurance, received an aggregator licence from IRDAI to distribute insurance policies, offering exclusive pricing and expanding product range.
Insurtech startup Coversure raises $4 million in funding from Enam Holdings
Insurtech startup Coversure raised $4 million in pre-series A funding led by Enam Holdings. They plan to build a consumer-centric insurance engagement platform using data intelligence and machine learning capabilities.
Go Digit General Insurance IPO subscribed 9.6 times
The Bengaluru based insurtech startup saw the retail portion subscribed 4.3 times, non institutional investors subscribed 7.2 times while qualified institutional buyers subscribed to the IPO 12.5 times. The Fairfax backed startup is looking to go public at a valuation of $3 to $3.2 billion
Digit IPO: tempering tech valuations & other top startup stories this week
This is Pratik Bhakta in Bengaluru. Insurance startup Digit, by valuing itself at a discount of 25% to its last known private market valuation, seems to have stuck its neck out. And it’s a move that’s certainly got everyone talking.
ETtech Deals Digest: Startup funding falls 30% on year to $73 million this week
Deal density in the latest week improved to $5.3 million per deal, as per Tracxn data. From April 6 to April 12, 2023, startups had raised about $2.4 million per deal.
Regulatory scrutiny may queer the pitch for insurtech; and other top startup & tech stories this week
Multiple people in the know have told me that the insurance regulator is not comfortable with the typical corporate structures of startups, and may not be in favour of granting them an insurance manufacturing licence. The regulator wants these firms to get rid of any holding company structures, onboard investors directly into the applying entity, and have founders bring in sufficient amount of net worth before applying.
Startups in queue for insurance licence face stricter norms
Backing of a large local investor, considerable net worth of promoter and founder are among key requirements laid down by the sector regulator.
Funding winter or not, startups loosen purse strings to reward top talent
Giving high increments, stock options, bonuses, global roles and accelerated promotions to ringfence people who are critical to business.
Global insurtech funding down 72% last year from 2021 peak: report
Funding for the insurtech sector dropped to $4.5 billion in 2023, down 44% from 2022 and 72% from its 2021 peak. Poor performance by Lemonade and frothy valuations have curtailed the appeal of the sector. However, reinsurers made investments in a record 148 deals, focusing on more advanced insurtech players.
Insurtech startup Acko aims to achieve profitability by fiscal year 2027
Acko is eyeing profitability on the back of its general and health insurance segment turning earnings positive, founder and CEO Varun Dua said in an interview with investment bank UBS Global. Recently, Acko floated its life insurance company focussing on the sale of term plans, which is currently in the beta stage.
With Irdai opening doors, insurtech firms look to transform into general insurers
Insurtech firms such as Bengaluru-based Onsurity and Pune-based Loop Health help employers offer group health policies to their employees and run a platform to offer employee wellness services, too. They want to capitalise on the Insurance Regulatory and Development Authority of India (IRDAI) move of opening the heavily regulated sector to new participants.
Insurtech startups make hay as embedded insurance gets the spotlight
From banks that want to cross-sell insurance products to ecommerce companies offering to insure large-ticket purchases to travel aggregators offering insurance against flight delays, companies are roping in insurance technology startups such as Zopper, Riskcovry, and OneAssure to power such sales.
December dip in online sales; insurtech firms chart fresh growth paths
After an expected spurt during the festive season, ecommerce sales saw a larger-than-usual dip in December. This and more in today’s ETtech Morning Dispatch.
Insurtech startups check expenses to secure profits
Insurtech startups such as Acko and Digit have switched gears to health insurance which is a more long-term product despite starting with motor insurance, which is mandatory for vehicle owners in India, as their principal product.
Insurtech startup Bharatsure raises $1 million in funding round led by Capital-A
Insurtech startup Bharatsure, the parent of Healthysure, has raised $1 million in a funding round led by early-stage venture capital fund Capital-A.
Insurtech startup Riskcovry gets $4.5 million in bridge round
Riskcovry plans to use these funds to push towards profitability and eventually close its series B round of funding.
Insurtech startup BimaKavach gets IRDAI licence for corporate insurance
BimaKavach sells corporate insurance products, mainly targeting small and medium enterprises. It currently has a portfolio of 18 insurance products, broadly categorised into liability, asset, engineering, marine, and group health insurance.
Decoding InsuranceDekho’s back-to-back funding rounds amidst a funding winter
Amidst a funding winter, when startups are having to go the extra mile to justify every dollar of their valuation, InsuranceDekho stood out.
Insurtech startup Onsurity raises $24 million from IFC, other investors
The company will use the money to work with insurance partners to create a technology solution that allows a seamless and transparent claims process.
Irdai on a transformational journey to take insurance to masses
Under new chairman Debasish Panda, the regulator is engaging with the industry more than ever and looking to get the sector charged up.
IRDAI considering Managed General Agencies in insurance
Insurtech startups which mostly operate as insurance intermediaries are pushing for a new set of licences from the IRDAI to set up agencies who can source customers and take risks too.
Credit a better bet for fintechs eyeing expansion: PBFintech's Yashish Dahiya
While admitting that there is a viable business to be set up in digitising the physical agent network, Dahiya said there is definitely a bubble building up in the insurtech space with respect to sky high valuations.
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