IIFL Fintech Fund acquires 16% stake in tech startup Samadhan for INR 16.5 Cr

CIOTechOutlook Team | Wednesday, 21 December 2022, 11:59 IST

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Early-stage investment arm of the IIFL Group, IIFL Fintech Fund, has invested USD 2 million (about Rs 16.5 crore) for a 16% share in insurance technology company Insurance Samadhan, valuing the platform at about USD 13 million (around Rs 107 crore). In the series-A round, the business also obtained an additional US $1 million from other investors.

The company added that it has already invested 50% of the fund's Rs 210 crore capital, making this the fintech fund's 10th investment and its first in the insuretech sector.

In August 2021, the IIFL group established the fintech fund with a Rs 210 crore corpus and the support of two affiliated companies, IIFL Finance and IIFL Securities. Trendlyne, Leegality, Finbox, Datasutram, Multipl, Finarkein, Trustcheckr, Finvu, and Easyrewardz have all been investments made by the fund thus far.

Samadhan is an online venue for complaints about life, health, and general insurance that are connected to mis-selling, expired policies, policy rejection, fraud, or claim rejection.

Deepak Bhuvneshwari Uniyal, cofounder and chief executive at Samadhan said, this fund will primarily be used to build further tech and marketing.

Four professionals with more than 20 years of combined expertise in the legal and insurance fields make up our core team. With the intention of addressing the unmet requirements of mistreated Insurance Policy Holders, we launched this new business in August 2018. As a result of unfair treatment, such as genuine claims being denied, encountering dishonest agents deceiving customers, and several other service issues, we noticed that customers are consistently losing faith in the product when working with insurance firms.

We sympathise with all of your worries, but we also recognise how vitally important an insurance policy is to you. Because of this, we collaborate with you to make ends meet and assist you in resolving some of the most distressing insurance concerns you have ever encountered.

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