Wishleaf -Diginsuretech, Lapetus Technology & Service Pvt Ltd, Bhubaneshwar-based Digital insurance startup, has finalised raise of $3.5 million in a Series A funding round led by California-based investment firm.
Wishleaf will use the funding to scale its engineering, business development, and operations teams, according to a statement on Monday. This insurance startup is building new products for Automotive, Health & Electronics Gadgets, which have the possibility to get lost Wishleaf will be there to get the full money refunded.
Founded in 2020 by Nitish Kumar Nayak and Biswadeep Nayak, Wishleaf specializes in providing insurance support to budget-friendly Consumers. It will be boarding more than 600 portfolios into its platform.
Wishleaf aims to reach a milestone of 10 million products insured by 2025, by insurance space. With Wishleaf, we are making the process transparent, affordable, and easy, using tech at scale,” Nitish Nayak, who is also the chief executive officer of the firm. “The adoption of insurance by Valuable and Small Budget Products, SMEs and corporates is increasing exponentially and is further accelerated by the ongoing Covid-19 pandemic
Budget insurance is estimated to account for almost half of India’s overall insurance market, a $3.5-billion sector growing at 25{29395a375d156e93286dd6e7185ccfdd643af63705165a979bd3711654ea3aad} annually. Around 9 crore Indians Budget products are covered by various players, and this is expected to increase to 33 crore Indians by the end of this decade, according to the company.
Biswadeep Nayak Co-Founder & Chief Operating Officer of the portfolio also added a valuable point in settling the benefits will be on a real-time basis. We are the first startup to perform so.
California-based Investment Firm Principal Investor Kevin Andresen also expressed confidence in the Wishleafs founders Biswadeep Nayak and Nitish Nayak despite of multiple failures and toxic situations they have fought back and kept standing into their toes to make the portfolio Successful.
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