InsureTech startup offering Infrastructure as a Service (IaaS), i.e. a platform for businesses to offer insurance products to employees and partners. It earns revenues through policy distribution, commissions on premium and for the tech layer it provides. For e.g., it has a partnership with Battery Smart to offer natural calamity insurance to its battery charging station partners. ₹6CR round. Founders: both CEO Anuj (NMIMS, IIM Bangalore) and Head of Product & Marketing Sanil (NMIMS, ISB) were co-founders of Healthysure, an employee benefits platform, for four years. Healthysure was also backed by IPV and Capita-A, amongst others; Founded end 2022/early 2023.

Fintech platform for NRIs which operates out of GIFT City. Offers USD denominated fixed deposits in India at a 5% interest rate (higher than can be earned outside India), along with compliance and tax filing services for NRIs. The company has taken a Payment Services Provider (PSP) licence and a broker-dealer licence. It now plans to roll out mutual funds, Indian and US equities and insurance products to its clients. $5M seed round. Angels in the round: Abhiraj Singh Bahl + Varun Khaitan (Urban Company), Akshant Goyal (Zomato), Varun Alagh (Mamaearth), Vineet Sethi (PayU), Aditya Sharma (McKinsey). Founders: Ankur (CEO), Savitri (COO), Ayush (CTO) and Sai Sankar (CBO) all worked together at Niyo (global travel cards) - they were respectively VP of Product, Chief Customer Experience Officer, VP of Engineering and CBO at Niyo. Ankur, Savitri and Ayush also built Goalwise together (as CPO, COO and CTO) - a mutual funds investment platform acquired by Niyo. Founded in Jan 2024. Comps: Rupeeflo (Piper Serica).

B2B solution for FinTech platforms (brokers, payment apps and wealth-tech companies) to offer a broad range of investment products (from multiple banks and NBFCs) to their clients. Over 30 FinTech companies like Mobikwik and Upstox currently offer fixed deposits and will soon be able to offer other investment and savings products. ₹4CR (~$470K) seed round, including funds raised earlier in the year from Mobikwik and Kapil Bharti (Delhivery). Founders: Ravi comes from PKC Advisory (close to a decade); Sandeep is from IndusInd, YES Bank and ICICI; Uday founded Teknomatics (IT services); the fourth founder Pankaj Pratap Singh is the CTO, who worked briefly at Teknomatics. He is not linked here. Founded in 2021.

All in one payments platform for finance teams to manage vendor payouts and employee reimbursement, while automating accounting and managing tax reconciliations. Clients across BFSI, retail and media include Plum Insurance, Fibe and Sprinto. The company has processed ₹3000CR of invoices so far. ₹6CR ($700K) pre-seed round. The co-founders, Pratik and Devyanshu, are from Pratilipi - product management/the CEO's office and software engineer respectively. Founded in Jun 2023.

Fixed income investing platform for institutional as well as retail investors - corporate bonds, government securities. Its public bond directory covers over 20,000 bonds. ₹32.5CR ($3.8M) first external funding round from undisclosed individual investors. Founders: Vishal has been a trader for over 20 years including 12 years at Deutsche Bank; Aditi comes from 20 years at family owned bond house - A K Capital Services. IndiaBonds was founded in Jan 2021.

Wealth management firm to give access to - as the name suggests - alternative investments. Claims to have onboarded 100 HNI clients. ₹1CR seed round from undisclosed family offices. Founders: the CEO had a brief stint at Client Associates and as a Wealth Advisor to the founder of "one of India largest gaming company's"; the other co-founder was at Client Associates for close to five years.

FX infra startup which has just come out of stealth. New payment rails and a last-mile liquidity model ensure that 90% of FX transactions are settled within 60 minutes rather than the typical 2-7 day norm. In less than a year, the startup claims to have processed >$10B in annualised transaction volume. $23M seed round. Other investors in the round: Castle Island Ventures, Flybridge, Hash3. Founder & CEO Prabhakar Reddy, BITS and HBS, is ex-Accel, the former co-founder of Falcon X (digital assets brokerage) and former CEO of Dramatize (acquired by BookMyShow).

This is Policybazaar's healthcare venture, led by it's founder Yashish Dahiya. The company was incorporated on the 1st of January this year and aims to set up a 1,000 bed hospital network in Delhi NCR. The company will operate hospitals itself, with 4-5 locations (600-800 beds) to be set up over the next year. The idea is to integrate insurance and healthcare seamlessly - removing pre-authorizations, simplifying claims, reducing avoidable surgeries with preventative healthcare. This is a $218M seed round at a $243M valuation. It appears to be tranched. So far PB Fintech (Policybazaar's parent) has invested $62M for a 26% stake; General Catalyst has invested $50M for 20.57%; while Dahiya, co-founder Alok Bansal and other execs have invested ~$15M. PB Fintech itself made ₹1,292CR in Q3 FY25 with a ₹72CR profit. In a similar move coming from the opposite direction, Narayana Hrudalaya launched its insurance arm last year. Private hospital chains in India will add over 10K beds over the next three years - 3500 by Apollo, 3700 by Max, 2200 by Fortis and 1700 by Aster. Hospital chains are growing revenues 12-14% a year with ~22% operating margins, according to ICRA. 40M Indians buy health insurance annually - while premium's have been going up 15% a year, incomes haven't been keeping pace. As noted in the Financial Express, "a study by the Insurance Brokers Association of India (IBAI) study found that in FY23, insurers settled 86% of claims by count, but paid only 51% of the total claim value. While insurers blame over-treatment and inflated bills, hospitals argue that rising equipment costs are to blame."

Daily savings app in beta mode, for self employed individuals earning ₹30-70K (~$350-800), looking to save/invest ₹50-200 a day in debt mutual funds. Savings is an entry wedge - "in the fintech space, it is difficult to sell savings as a product to end users, making customer acquisition difficult. Once we manage to scale the product, we will look into expanding our offerings to include a bouquet of financial products. These may include partially secured lending, FDs, credit cards, among others". $4M seed round, including Abhiraj Bhal (Urban Company); Sunil Prabhune (L&T); Abhinav Sinha, Maninder Gulati (OYO). All three founders are IIM, IIT and ex-BCG, with stints at OYO and Urban Company.

Soon to launch NBFC that got its license on 11 April. It will provide microloans against property to small businesses, starting with 15 branches in MP. $2.5M seed round, apparently at a $5.9M post-money valuation. The three founders spent between 13 and 20 years each at ICICI - as Zonal Head, MFI Head, Product Head (Business Banking).