Entrackr mentioned in its report that the firm also earns its revenue from other services including investment plans like fixed deposits and interest on gains. The insurance brokerage accounted for 97.7 percent of the total operating income. The company has secured over 310 million USD across four funding rounds since its inception, including $60 million raised during its series B funding round led by MUFG and BNP Paribas Cardif with the participation of other investors. The startup also offers several insurance plans in different areas like health, bikes, and cars. 

The data intelligence platform, tracxn mentioned that the firm’s post-money valuation to around 600 million USD. The platform also assists with technical support during claim settlements. The employee benefits also increased by 21.7 percent and stood at Rs 130.26 crore in FY24. Manpower management also increased by 53 times to Rs 35 crore in the same duration. The finance costs and advertisement also accounted for Rs 98 crore of the total expenses.

The total expenditure of the firm increased by 360.4 percent to Rs 699.2 crore in FY24. The startup reported an increase in its profit which stood out at Rs 85.71 crore in the same duration. Meanwhile, the employee benefits increased compared to the last year. The Gurugram-based startup offers several investment plans including ULIP, retirement plans, and others. The additional income of Rs 41.3 crore comes from non-operating sources like software sales and interest income which brought the total income to Rs 785 crore in this financial year. 

The startup data intelligence platform, tracxn mentioned that Goldman Sachs Asset Management is the largest institutional investor of the firm. Insurance Dekho turned profitable in this financial year. The firm posted its EBITDA margin of 11.73 percent while ROCE stood at 16.50 percent in FY24. Insurance Dekho faces competition from other insurance offering platforms like Policybazaar, Turtlemint, and RenewBuy.

Conclusion :

Insurance Dekho is an insurance tech startup offering an online comparison platform for individuals that announced a 670.9 percent increase in its operational revenue to Rs 743.6 crore in FY24. This Gurgugram-based startup offers various investment solutions including fixed deposit and retirement plans. The startup has raised around 310 million USD across multiple funding rounds.

The insurance brokerage and income interest are the firm’s major sources of revenue. The profit increased and stood at Rs 85.71 crore in FY24. The total expenditure of the firm increased by 360.4 percent and crossed Rs 699.2 crore in the same duration. The company controlled its losses by effective cost control and turned profitable in this fiscal year.

Scoopearth Team

Scoopearth team comprises a group of highly skilled professionals with expertise in their niche.  These  Team members have extensive experience in understanding and researching in topics such as startups, technology, artificial intelligence, trending business news, Listicles and  Case Studies . To maintain the highest quality standards, all articles are Manually  reviewed and verified by Niraj Kumar and Deepika Khare, ensuring accuracy, authenticity, and reliability.

Note: You can reach us at support@scoopearth.com with any further queries.

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The firm showed a strong financial record for the second quarter of this fiscal year with 221 percent YoY growth to Rs 89.47 crore. inc42 reported. The company posted a three-time increase in profit compared to the last quarter. The gross written premium increased by 14.2 percent and stood at Rs 2,368.57 crore in the second quarter of FY25, this was around Rs 2,073.84 crore in the second quarter of the last financial year.

Go Digits offers an online insurance platform with a seamless customer experience. The platform features a digital consultant tool to help users pick insurance coverage for home loan EMO calculators and businesses. The company aims to make the insurance process simple and easily accessible to everyone. The startup claims to have paid around Rs 572 crore for commissions and brokerage to its distribution partners for the second quarter of this financial year.

The company posted a total revenue of Rs 2,175 crore in the same duration. The startup also earns its income through interest from its investments and commissions. Go Digit also posted a 17.4 percent increase in its assets under management for the quarter at Rs 18,502 crore for this quarter.

The insurance company focuses on improving its business model while offering more innovative solutions. The startup plans to reduce its losses by minimizing operating expenses and employee benefits. The company failed to control its losses and posted a 13.2 percent decrease in its profit on a sequential basis to Rs 101.34 crore in Q1 FY25. The insurance tech startup also offers processing services and solutions to agents and provides services to its customers. Go Digit faces competition from other digital insurance and management platforms including ACKO and insurance Dekho.

Conclusion :

Go Digit announced a 222 percent increase in its profit to Rs 89.4 crore and the revenue stands out at Rs 2,175 crore in the second quarter of this financial year. This general insurance startup offers non-life product-related insurance policies including car, health, flight delay insurance, and business products insurance. The startup claims to have over 43 million customers on its platform and it has issued over 8 million insurance policies.

The sales of these insurance services are the company’s primary source of revenue. The company reported that Rs 572 crore of the total expenses went to commissions and brokerage services to its distribution partners. The startup competes with other insurance offering platforms like insurance Dekho and cars24.

Deepika Khare

Deepika Khare is a seasoned entrepreneur with 10 years of experience across diverse industries, including technology, startups, and business. She has a profound understanding of content marketing strategies and journalism, allowing her to create impactful and result-driven content. With expertise in the startup ecosystem, digital marketing, business coaching, and mentoring, she excels at crafting compelling narratives, optimizing content for engagement, and positioning brands for long-term success in the ever-evolving digital landscape.

Reach us: deepika.khare@scoopearth.com

Linkedin Profile :  https://www.linkedin.com/in/deepika-khare/

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Image Source: Fintech Global  

Funding Details 

The $21 million investment is significant for Onsurity as the business aims to grow, expand and diversify its services. This round comes after they raised $24 million in October 2023 from other investors like International Finance Corporation, Nexus Venture Partners, and Quona Capital among others.

The last funding round not only gives the company the required money for expansion but also important skills and connections with related partners. This will be important especially for companies like Onsurity as it continues to try to diversify its product portfolio, optimize customer satisfaction, and grow its customer base. 

Vision and Mission of Onsurity

Onsurity is an Indian home healthcare startup that was established in 2020 by Yogesh Agarwal and Kulin Shah. Onsurity has the goal to fill the existing gap and provide proper healthcare insurance solutions to SMEs in India. The company provides a spectrum of digital healthcare and insurance services catering to the SME niche market. These services will include hospitalization coverage, at-home care, and pre and post-hospitalization services.

MyGlamm, Magicpin, DBS, and Naturals are some of the clients that Onsurity has clinched already. In today’s world, the startup offers medical insurance and perks to the employees of over 8,000 companies established across 26 states and 3 union territories in India.

Image Source: Onsurity  

Expansion of Onsurity’s Client Base

Onsurity plans to venture into the release of other related digital products to complement the capital which is to be aimed at SMEs. The intended goals include strengthening the technological framework, optimizing the claims management experience of customers, and creating fresh green-field digital solutions. This funding will also help in the growth of Onsurity’s clientele team where the organization has a projected 50,000 companies it aims to achieve by the end of 2026. 

Rapid Growth of the Insurtech Sector

Onsurity’s success story detected the role of insurtech in changing the core insurance industry. Through the help of technology, insurtech such as in the case of Onsurity can deliver better products, services and at cheaper prices to its clients.

The outbreak of COVID-19 has further increased the use of new forms of insurance, mainly due to advances in technology and changing consumer needs for remote and more adequate solutions. The fact that Onsurity is targeting SMEs, a space that has traditionally not benefited from the services offered by traditional insurers, places the company in good stead to benefit from this demand.

Conclusion

The funding round of $21 million brought success to Onsurity’s mission to transform SME’s healthcare and insurance services in India. Fully packed with the company vision and supported by top-notch investors, Onsurity is on its way to revolutionizing the field of insurtech and contributing to the growth of SMEs throughout the country. 

Scoopearth Team

Scoopearth team comprises a group of highly skilled professionals with expertise in their niche.  These  Team members have extensive experience in understanding and researching in topics such as startups, technology, artificial intelligence, trending business news, Listicles and  Case Studies . To maintain the highest quality standards, all articles are Manually  reviewed and verified by Niraj Kumar and Deepika Khare, ensuring accuracy, authenticity, and reliability.

Note: You can reach us at support@scoopearth.com with any further queries.

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Acquisition of Speedwell Climate Ltd

With the finalization of the acquisition of Speedwell Climate Ltd, a predominant player in climate and environmental risk transfer, Vaisala is expected to expand its subscription-based revenue streams. Speedwell Climate is a market incumbent based in Harpenden United Kingdom with a subsidiary in the United States; this company has been offering data and software to structure, price, and settle index-based Climate Risk Transfer Contracts.

The acquisition of Speedwell Climate follows Vaisala’s plan to increase annuity by focusing on data-based services. Incorporating the knowledge possessed by Speedwell Climate, Vaisala has the goal to provide organizations with the necessary tools to minimize the risks of losses due to weather volatility. This move is particularly appropriate as climate change raises the bar in the occurrence and intensity of natural calamities and poses a billow threat to financial institutions and the insurance industry. 

Working of Speedwell Climate

Speedwell Climate focuses on climate risk transfer contracts as a form of hedging, where organizations can pass their weather risks to a parametric insurance firm. These contracts are written consequently for environmental or weather-specific clauses, including storms, floods, or heat wave causes.

When such circumstances arise, the affected organisations are paid compensation which assists them to better cope with the losses. It is useful for companies with renewable energy since the volatility of wind and solar energy can be quite costly. In essence, Speedwell Climate’s solutions promote the energy transition and help provide a reprieve from the vulnerability of extreme weather to renewable energy projects. 

Insurance Segment Impact

Vaisala has a goal to offer instruments that would help organizations minimize risks of potential monetary losses caused by weather unpredictability. This is to bring value to many consumers across industries such as insurance, investment funds, and renewable energy. The leading customers such as the CME Group already use Speedwell Climate’s solutions, signaling further market applicability.

The head of Vaisala Xweather, Samuli Hänninen said, “The combined skills and dataset of Speedwell Climate and Vaisala Xweather bring new opportunities to help customers mitigate and adapt to climate change. With weather becoming increasingly unpredictable, organizations need new tools to manage their risk position. We are very excited to welcome the skilled Speedwell Climate people to our team – together, we can turn weather anxiety into weather confidence.” 

Quotation Source: Yahoo Finance  

Conclusion

The strategy of acquiring Speedwell Climate is a strategic step forward by Vaisala in its mission to assist organizations in managing volatile financial impacts stemming from the weather. With the help of Speedwell Climate climate risk transfer service, Vaisala is expected to provide comprehensive solutions to the emerging climate change problem. With this strategic move, not only does Vaisala expand its presence in the market, but it also underlines its dedication to the world’s low-carbon transformation process.

Scoopearth Team

Scoopearth team comprises a group of highly skilled professionals with expertise in their niche.  These  Team members have extensive experience in understanding and researching in topics such as startups, technology, artificial intelligence, trending business news, Listicles and  Case Studies . To maintain the highest quality standards, all articles are Manually  reviewed and verified by Niraj Kumar and Deepika Khare, ensuring accuracy, authenticity, and reliability.

Note: You can reach us at support@scoopearth.com with any further queries.

Linkedin Page : https://www.linkedin.com/company/scoopearth-com/

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Insurance Landscape

InsurancePadosi, initiated by Vaibhav Kathju, Abhay Singh, and Gaurav Gupta, aims to provide affordable and inclusive insurance in India. Through Wilhelmina’s vision, the platform is to bring clarity and efficiency to insurance procedures and offer a smooth online experience. As a result, InsurancePadosi implements advanced technology to solve the main issue of inadequate insurance density in India while making insurance not only available but also a service for millions. 

Vision and Strategic Investment

The founders of InsurancePadosi realized the problems that consumers experience in comprehending and procuring insurance. Even today, the insurance market of India is considered under-penetrated with a Gross Premium Written of more than USD 20 billion with Penetration rate being less than 4% of the GDP, and about 50 million new policies sold every year.

InsurancePadosi is here seeks to fill this gap by providing consumers with a simple interface that can help them make the right choices and be knowledgeable about the right insurance. The ₹4.19 crore funding round is not just about the money but about the direction in which InsurancePadosi is headed and the kind of disruption it can bring to the insurance industry in India.

Enhancement of Technology 

The new funding will help InsurancePadosi improve its technology, grow its business, and develop new services. The main application that the platform proposes to customers is the Insurance Health Report (IHR), a tool powered by artificial intelligence that gives users an objective assessment of their insurance needs. Thus, by completing a few questions and getting the result, users get the opportunity to gain the maximum coverage.

Expansion of Offerings

The startup maintains that it can cut insurance buying time down to 3-5 minutes from an average of 70 minutes with 95% efficiency to tailor products to a customer. This efficiency is important because the insurance buying process is usually regarded by most consumers as tiresome and time-consuming.

With the company on the right growth trajectory and venturing into the provision of more products, it will contribute significantly to deepening insurance while offering more financial products in India. The road to success is ahead, and InsurancePadosi is ready to step on it as a pioneer of a new perspective on insurance in the country. 

Marwari Catalysts’s Role

Marwari Catalysts is a new-age visionary startup accelerator that has played a crucial role in shaping the startup ecosystem of Tier 2 and Tier 3 cities of India. Being a part of Marwari Catalysts can be beneficial for companies like InsurancePadosi as the organization offers meaningful guidance, leaders’ support, and a contacts list. 

Industry Impact

As InsurancePadosi continues to grow, it seeks to serve the important function of promoting insurance penetration and density across the entire vast region of India. We anticipate that the insurtech industry will experience paradigm-shifting growth because the startup is dedicated to using artificial intelligence to solve insurance issues and improve the process’s transparency.

The funding round is also historic in signaling the growth and relevance of insurtech within the larger fintech market. Having received investment from such distinguished gentlemen, InsurancePadosi is poised to offer a new face to insurance in the country, and in so doing, will support the goal of financial inclusion. 

Conclusion

InsurancePadosi’s successful funding round shows the avenue towards a new approach to the insurance business in India drastically. Through its innovations, the startup plans on decentralizing insurance among millions of people throughout India by making the processes easier and more open to the general public. InsurancePadosi is ready for innovation and positive social change with the help of its investors, including Marwari Catalysts and others. 

Scoopearth Team

Scoopearth team comprises a group of highly skilled professionals with expertise in their niche.  These  Team members have extensive experience in understanding and researching in topics such as startups, technology, artificial intelligence, trending business news, Listicles and  Case Studies . To maintain the highest quality standards, all articles are Manually  reviewed and verified by Niraj Kumar and Deepika Khare, ensuring accuracy, authenticity, and reliability.

Note: You can reach us at support@scoopearth.com with any further queries.

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The insurance tech startup aims to provide an artificial intelligence-based platform that can offer secure insurance solutions. The company also plans to launch new services and enhance its customer experience using this investment. The startup plans to invest in developing micro-insurance services by collaborating with leading insurers. Square Insurance intends to make strategic partnerships with other fintech and e-commerce companies.

This is an initiative by the firm to expand its services and change the insurance ecosystem by providing its services in underserved markets. Using this strategy, the insurance tech firm wants to strengthen its market presence while expanding its reach to more people globally. The startup is extremely focused on its attempt to transform global insurance tech platforms using its advanced technologies and AI-driven approach. 

This Haipur startup enables financial market businesses, banks, and other payment service providers to join its platform. The company intends to establish over 25 to 30 new offices in tier II and tier III  cities across India. The firm startup is working on enhancing its ability while increasing its customer and client base. The company believes this expansion will help them to improve their insurance product comparisons. This will also enable the firm to improve its post-policy services for customers and clients. The investment shows the investors’ trust in Square Insurance’s market potential and business model. 

The platform uses advanced technologiesto make insurance services easy, accessible, and transparent.  This insure-tech startup uses an AI-driven approach to offer its services in the insurance marketplace.  The development came just after the insure-tech sector showed increased interest from investors. The market research showed that the Indian insurance industry is growing at a rate of 34 percent per year.  This sector has attracted over 6.5 billion USD in foreign direct investment. The startup faces competition from other insurance tech companies such as Digit Insurance, Coverfox, and Riskcovry. 

Conclusion: 

Square Insurance is an insurance tech startup based in Jaipur that secured $3 million in its pre-series  A funding round from BizDateUp and Negen Capital with the participation of other investors including  Prashant Kothari and Yogesh Chaudhary. The company intends to use this fresh capital to enhance its platform, scale its operations, and expand its services to underserved markets.

The company aims to develop new services and establish around 30 new offices in tier-II and tier-III cities. The startup plans to expand its network and make its platform accessible to more people. The company provides financial solutions offering a platform that gives quality protection with value pricing.

Suraj Verma

Suraj Verma has a passion for keeping the Business world informed through comprehensive coverage of Trending News and Startup News. His storytelling ability shines through captivating Startup Stories, while his expertise in curating Listings and analyzing Case Studies drives impactful results.

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