Fintech platform Insurance Samadhan’s FY23 revenue grew two-fold to Rs 3.5 crore in FY23 from the previous Rs 1.78 crore in FY22. Of this, its revenue from operations saw a 87.5% rise as compared to the preceding fiscal year.
Deepak Bhuvneshwari Uniyal, Shailesh Kumar, and Sanjay H Aggarwal founded Insurance Samadhan as an online insurance grievance redressal platform for individuals and businesses. The platform has experts from the insurance industry who guide the users with representation with the insurance companies and help them find adequate redressal for your grievances.
Its services include the mis-selling of insurance policies, claims rejection, delay in the claim process, claim short-settled, health claim reimbursement, policy details, personalized advice, and support across various financial areas.
The Noida-based company saw expenses growing to Rs 9.4 crore in the fiscal year ending March 2023. This is a 2.7X spike in comparison to the preceding year’s Rs 3.53 crore in expenses that the company witnessed. While over 55% of the total expenses were incurred from employee benefits costs, a little over 15% and more than 9% of the company’s expenses were seen from legal and professional charges and advertisements and promotional costs respectively.
With a valuation of Rs 95.93 crore, the 2018 established firm has raised over Rs 34 crore in since inception. Its latest Series A round was held in late 2022. The round scooped up over Rs 24 crore from the likes of IIFL Finance, RAAY Global Investments, Equanimity Investments, 9Unicorns, and Benaifer Malandkar among others.
Post the Series A infusion, founder Deepak Bhuvneshwari Uniyal became the largest shareholder of the company with over 15% shares. Investors IIFL Securities and Equanimity Ventures followed with over 11% shares each.
The fintech company’s losses spiked Rs 5.8 crore in FY23, a 3.3X spike as compared to the preceding year. The same year, its EBITDA margin and ROCE stood at -160.31% and -30.58% respectively.