Bangalore based insurtech startup, Fedo has raised $1 million in pre-Series A round funding from Unicorn India Ventures.
Led by Unicorn India Ventures (UIV) the new round funding also saw the participation from SEA fund along with Ashish Mehrotro (Former MD & CEO of Max Bupa).
Speaking on the fundraise, Prasanth Madavana, Co-founder, Fedo said, “Our vision is to offer AI-backed solutions to insurance providers, which enables early identification of potential health risks by using non-invasive methods thereby reducing out of pocket expenditures of individuals and making insurance accessible, affordable and personalized.”
Commenting on the investment in Fedo, Anil Joshi, Managing Partner, Unicorn India Ventures, in his statement said, “India is one of the most under-insured countries in the World. A big reason for this is that many people may want to take insurance but they don’t know which product works for them or covers ailments. Fedo can deploy AI and assess your health-related risks. With the COVID situation entering into the community stage in India and coming back in the 2nd wave in other large countries, the awareness about getting a health cover is on the rise. Insurtech players like Fedo are positioned right to leverage this trend.”
Ashish Mehrotra, who turned an angel investor with Fedo, said, “Fedo’s AI enables the insurers to seamlessly onboard, track and manage product portfolios with customer-level insights and predictive models. This will significantly simplify and enhance profitability and lifetime value for the insurers.”
Further adding to the statement, Manoj Kumar Agarwal, Managing Partner, SEA Fund said, “SEA Fund has a focus on Insurtech as we believe that digital technologies hold the promise of not only increasing customer convenience but also enterprises’ reach over time by bringing down costs. Insurance penetration in India has some way to go and the sector is ready to embrace new-age tech-driven products. Fedo brings all these threads together and it’s unique risk scoring algorithm allows insurers to advise, upsell and cross-sell products suited to the customer’s risk profile leading to personalized insurance products, which is the future of insurance”