Finsall raises Rs 15 Cr led by Unicorn India Ventures and Seafund

Finsall, a startup prioritizing insurance-based Buy Now, Pay Later (BNPL) services, has secured Rs 15 crore ($1.8 million) in a bridge round led by Unicorn India Ventures and Seafund, alongside other institutional investors. This round follows a pre-Series A round in January 2022 where Unicorn India Ventures and Seafund spearheaded a Rs 12 crore ($1.45 million) investment in Finsall.

According to a press release by the company, the funds will be utilized to establish a Non-Banking Financial Company (NBFC) aimed at expanding lending operations and enhancing customer benefits in insurance premium financing.

Finsall has introduced a Credit as a Service (CaaS) platform, offering a streamlined model for customers to access credit for insurance products without the need for complex credit or lending software systems.

Reportedly, Finsall has experienced remarkable growth, boasting a 9X increase in revenue over the past two years. The company serves customers across 8,000 locations in India, particularly witnessing substantial growth in non-life insurance segments.

In the fiscal year 2024, Finsall achieved an average month-on-month growth rate of 18% in insurance premiums. The company projects a fourfold revenue increase for fiscal year 2025, staying on course with its targets.

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