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Funding

Finhaat raises $3M in seed round led by Omnivore

Insurtech startup Finhaat has secured $3 million in seed funding led by Omnivore, with participation from Kettleborough VC.

“With this round, we hope to expand further by building robust technological models, enriching product experience, introducing innovative products, enhancing our partner base, and hiring resources for new verticals. We are determined to transform the financial services space for the underserved,” Vinod Singh, Co-founder, Finhaat said.

Launched in June 2022, Finhaat focuses on providing digital insurance services to underserved segments in India, including rural communities and middle- to low-income populations in Tier II and III cities.

The startup, founded by IRMA graduates Sandeep Katiyar, Navneet Shrivastava, and Vinod Singh, operates as a B2B insurance distribution and servicing platform. Targeting institutions working with the underserved, such as NBFCs, MFIs, and NGOs, Finhaat utilises proprietary APIs for instant policy issuance and a streamlined claims process.

“Finhaat is transforming this landscape, and we are excited to support its mission of improving financial access and resilience for the millions left behind by formal systems,” Jinesh Shah, Managing Partner at Omnivore, said.

Alt Carbon raises $550,000 pre-seed round led by Shastra VC

Indian climate action startup Alt Carbon has secured $550,000 in a pre-seed funding round led by Shastra VC (formerly Veda VC) and a consortium of strategic angel investors.

The funds raised will be used to assemble a top-tier team of geologists, geochemists, and geospatial scientists in India.

Alt Carbon also plans to execute a pilot project in early 2024 that is focused on creating durable and high-quality carbon removal credits. It wants to target the voluntary carbon offset market.

Founded by BITS Pilani graduate Shrey Agarwal, Alt Carbon specialises in scalable carbon sequestration solutions tailored for Indian geography and local conditions.

Other news

Motovolt Mobility partners with Swobbee to establish 200 battery-swapping stations

E-mobility startup Motovolt Mobility has partnered with German climate-tech firm Swobbee to establish 200 battery-swapping stations across India in the next 24 months.

Initial stations have been launched in Delhi and Kolkata, with a vision to generate over $10 million in revenue and achieve profitability within five years.

“Swobbee’s battery swapping services offer a unique proposition wherein our customers can subscribe to a swapping solutions provider. This offers freedom from the necessity to purchase batteries upfront with the vehicle, ensuring optimal battery performance, safe and efficient charging, and proper disposal of end-of-life batteries,” Tushar Choudhary, Founder and CEO, Motovolt Mobility.

“Additionally, Swobbee will gain access to our product portfolio and customer base, empowering them to establish a nationwide intelligent and multi-manufacturer battery swapping network,” he added.

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Myntra adds Parfois to international brands portfolio

Myntra has added the global women’s fashion accessories brand, Parfois, to its international brands portfolio.

Parfois, a Portuguese brand founded in 1994 by Manuela Medeiros, specialises in bags, shoes, apparel, and accessories. With a presence in over 70 countries and 1,000 stores, Parfois has entered the Indian market through Myntra, offering over 250 options, primarily focusing on handbags, totes, and slings.

“As the sense of style evolves across the country in line with global trends, we are seeing an increased appetite for trend-first accessory brands with customers proactively looking for accessories high-on style that best reflects their personalities,” Jayanti Ganguly, VP – Business, Myntra, said.

Targeting GenZ and millennial consumers, Parfois sells products with an average selling price of around Rs 2,000. The collaboration includes launch offers such as a flat 20% price reduction.

(This copy will be updated with the latest news throughout the day.)