Finhaat, an insurance platform, secured $3 million in Seed funding led by Omnivore, with participation from Kettleborough VC.  

The start-up utilises its proprietary distribution infrastructure to deliver digital insurance services, particularly targeting underserved groups such as rural communities and middle to low-income populations in tier 2 and tier 3 cities.  

Founded in June 2022, Finhaat initially focused on insurance as its primary product vertical. The start-up is dedicated to constructing a B2B insurance distribution and servicing platform tailored for institutions serving underserved populations, including NBFCs, MFIs, BC networks, Nidhi companies, cooperatives, NGOs, and FPOs.  

The company added in its statement that it has developed a set of unique APIs designed for rapid policy issuance and a seamless end-to-end claims process, aiming to democratise insurance and expand its accessibility to a broader customer base.  

Finhaat offers a SaaS-based digital platform, ensuring partner institutions experience ease of implementation and efficient customer servicing.  

Vinod Singh, co-founder, Finhaat commented, “Our operations already cover over 65 percent 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.” 

Jinesh Shah, Managing Partner at Omnivore, observed, “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. Yet, tailored products to mitigate uncertainties and boost financial stability and growth are few and far between. Finhaat is transforming this landscape, and we are excited to support its mission of improving financial access and resilience for the millions left behind by formal systems.”