Mumbai headquartered Haida Technologies Pvt. Ltd, which is the name behind India’s first smart personal insurance assistant, AskArvi.com, has recently raised an undisclosed amount of funding from a group of investors in a round that was led by US-based early-stage investment fund Jang Capital LLC.
Speaking to VCC Circle, AskArvi founder CEO Sushant Reddy revealed that the funding round saw the participation of a few American angel investors.
Revealing his company’s plans on next round of funding, Reddy said, “This was our first round of investment. Based on the projected cash burn rates, the capital gives us an 18-month runway.”
AskArvi, which is currently still at a beta stage, aims to provide a more personalised experience to its customers. For this, the startup has built an artificial intelligence-powered virtual assistant that will be capable of answering questions on various products and policy-related information, besides just helping the users with their raised claims.
Indian insurance industry is currently witnessing an outgo of about Rs 45,000 crore, when it comes go paying commissions to intermediaries. Reddy feels that if there’s one Indian industry that could use AI’s help in eliminating its vast dependence on agents, it has to be the insurance industry.
Reportedly, it was Shardul Amarchand Mangaldas and Co. that had advised the US-based early-stage investment fund on acquiring a minority stake in Haida Technologies by taking the route of primary share subscription model. According to VCc Circle, the transaction closed on the 21st of last month.
AskArvi took flight in January 2017, and even at its beta stage, it has already helped over 15,000 customers with products and claim-support information. The company has a celebrated group of founders that includes Sushant Reddy, Alok Tiwari, Ashwin Narkhede and Mandar Zope. While Reddy has been the former CEO of FinTech company Quantum Phinance; Zope was a CTO at Omnikart; Tiwari on the other hand had already co-founded two other startups, Aptivaa and Xplanr Analytics and Narkhede had previously made his presence felt in Quantum Phinance and Omnikart.