Wednesday, May 22, 2024
Outlook.com
Outlook India
Outlook Business

IIFL Fintech Fund Invests $2 Million In Insurance Samadhan, Acquires 16 Per Cent Stake

This is IIFL fintech fund's 10th investment and first, in the insure tech space

IIFL Fintech Fund Invests $2 Million In Insurance Samadhan, Acquires 16 Per Cent Stake

Press Trust Of India

POSTED ON December 21, 2022 7:02 PM

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.

  • Related Articles

    On Friday, NCPCR summoned Byju Raveendran, the CEO, over the allegations of malpractices conducted by the sales team.

    Child Rights Body Accuses Byju’s Of Threatening Children, Parents: Report

    The authorisation has been granted by the RBI in terms of the application made by NDML under the guidelines on the regulation of payment aggregators and payment gateways

    NDML Receives In-Principle Authorisation from the RBI To Operate As Payment Aggregator

    This platform aims to provide a complete ecosystem to deliver construction materials and services under one roof and eyes to bridge the gap between suppliers and buyers in the infrastructure sector

    Shyam Steel Launches B2B Marketplace Z Huzoor