Insurance startup Finhaat raises $3M led by Omnivore, Kettleborough VC

Insurance startup Finhaat has raised $3 million in a seed funding round led by venture capital firm Omnivore and early-stage venture capital firm Kettleborough VC. 

Enhancing tech infrastructure

According to Finhaat's co-founder Vinod Singh, the startup aims to enhance its technological infrastructure, improve product experiences, introduce innovative products, expand its partner base, and hire talent for new business verticals. 

Targeting the underserved

Since its inception in June 2022, Finhaat has focused on providing digital insurance services to rural communities and middle to low-income populations in tier 2 and tier 3 cities. 

The startup is building a B2B insurance distribution and servicing platform for institutions like NBFCs, MFIs, BC networks, Nidhi companies, cooperatives, NGOs, and FPOs, all working with underserved groups. It has partnered with leading insurers in the country to distribute life, health and general insurance products.

Who are the founders?

The Mumbai-based startup was founded by Sandeep Katiyar, Navneet Shrivastava, and Vinod Singh, each bringing a wealth of experience from the financial sector. Finhaat's operations already cover over 65% of pin codes in India, demonstrating its extensive reach.

What do investors say about Finhaat?

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.”

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