The IIFL Group's early-stage investment vehicle, IIFL Fintech Fund, has invested $2 million (around Rs 16.5 crore) in insurance technology start-up Insurance Samadhan for a 16 per cent stake, valuing the platform at around $13 million (around Rs 107 crore).
The start-up also received another $1 million from other investors in the series-A round.
This is IIFL fintech fund's 10th investment and first, in the insure tech space, the company said, adding it has already invested 50 per cent of the Rs 210 crore corpus of the fund.
The IIFL group launched the fintech fund in August 2021 with a corpus of Rs 210 crore with sponsorships from two group companies, IIFL Finance and IIFL Securities. The fund has so far invested Trendlyne, Leegality, Finbox, Datasutram, Multipl, Finarkein, Trustcheckr, Finvu and Easyrewardz.
Samadhan is an online platform that deals with resolving insurance-related complaints such as mis-selling, lapsed policies, policy rejection, fraud or claim rejection in life, health and general insurance.
