Insurance-tech startup Ensuredit Technologies Pvt Ltd, which was co-founded by a former top executive of Motorola, on Wednesday said it has raised Rs 2.5 crore ($338,100) in a pre-Series A funding round.
The funding was led by startup incubator and accelerator Venture Catalysts, said Eusuredit in a statement.
Amit Boni, founder and CEO, Ensuredit, said the company will use the fresh capital to expand its technology team and marketing. Boni held key positions in companies such as Motorola and Smartron before founding Ensuredit.
Ensuredit was founded last year by Boni, Rohit Sadhu and Vikas Ranga. Sadhu was previously a director at consultancy firm EY; and Ranga, an IIT Roorkee graduate, is a co-founder of docment.ai, according to their LinkedIn profiles.
The startup says its application programming interface (API)-integrated platform offers a range of services including agent on-boarding, quote generation and processing payments.
It also provides policy insurance comparison services, identifying cross-sell and upsell opportunities, and creation of proposals. The platform helps brokers, corporate agents, insurance marketing firms and insurers to boost their revenue.
Apoorv Ranjan Sharma, co-founder and president, Venture Catalysts, said that Ensuredit's robust intellectual property (IP) and founding team make the investment firm confident in its bet on the startup.
The investment in Ensuredit underlines the continued interest in the insurance-tech segment in the country. Factors that have contributed to this trend include low insurance coverage and technology-backed underwriting processes. A clutch of deals in the segment were done in the past months itself.
Just last week, Plum Benefits Pvt. Ltd, which operates an eponymous insurance startup that helps companies set up group programmes, raised slightly over Rs 30 crore in funding led by Sequoias' accelerator programme.
Earlier this month, Fedo Health Technologies Pvt Ltd raised $1 million (about Rs 7.43 crore) in a pre-Series A funding round that was led by Unicorn India Ventures. Other participants included SEA Fund and former Max Bupa managing director and CEO Ashish Mehrotra.
In September, Acko Technology & Services Pvt Ltd raised $60 million in a round led by Munich Re Ventures, the venture capital arm of Germany-based reinsurance company Munich Re Group. The investment marked San Francisco-based Munich Re Ventures’ first Indian bet.
In May, the Bharat Inclusion Seed Fund led a pre-Series A round in UMBO InsurDataTech Systems Pvt. Ltd, which operates insurance-technology startup Riskcovry.