Ensuredit Raises $4.2 Million in Pre-Series A Funding Led by Cover Genius

Funds will be utilized to ramp up product offerings and expand the technology team

By
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Ensuredit on Tuesday announced to have raised $4.2 million in pre-Series Round A led by Cover Genius with participation from other leading investors including 9Unicorns, NexStep Discovery Pte, CP Ventures, Venture Catalysts and IPV. Apart from the new investors, existing investors also participated in the current round. Funds will be utilized to ramp up product offerings and expand the technology team. Ensuredit will deploy context-relevant artificial intelligence (AI)/machine learning (ML) and computer vision-based products that will make customer journeys easy, customer on-boarding, providing deep business analytics and preventing leakage in financial reconciliation.

Company

"We are passionate about delivering innovative technology and digitization solutions to the Insurance industry, with a special focus on Insurance intermediaries and distributors. We believe that empowering them with this technology is critical to the industry's goal of making insurance available to every Indian," said Amit Boni, founder and CEO, Ensuredit.

"As Cover Genius deepens its global capabilities, especially in the Indian market which is highly underinsured, we are eager to help Ensuredit use its technology to bring relevancy to the traditional insurance market. Having successfully partnered with some of India's largest digital companies, such as Flipkart and Pepperfry, we believe this region is poised to adopt an embedded protection model," said Angus McDonald, CEO and co-founder, Cover Genius.

Founded in 2019 by Amit Boni, Rohit Sadhu, and Vikas Ranga, the platform aims to disrupt the insurance industry in India and unlock the next chapter of its development by utilizing the power of technology. To achieve this, the company focuses on working closely with existing insurance distributors in enhancing their sales force acquisition and productivity while enabling them to onboard a greater number of insurance manufacturers and channel partners. Ensuredit aims to enable the tech-led delivery of over a million insurance policies in the current fiscal year.