Insurance Samadhan has raised INR 1 crore from Shark Tank India

The startup Insurance Samadhan has raised INR 1 crore for the equity of 4%. Shark Peyush Bansal invested in this insurance solution startup.

The original ask by the pitchers was one crore rupees for the equity of 1%. Anupam decided to withdraw from the deal. Because Namita and Ghazal were confused by the scalability and valuation, they were ruled out of the deal. Vineeta counters with a 4% ownership offer for one crore rupees. Peyush counters with a 10% ownership offer for one crore rupees. Pitchers react with a one crore rupee offer for 1.3 % equity. peyush counters with a 5 %ownership offer for a one crore rupee. Pitchers react with a counteroffer of 2.5 % stock in exchange for one crore rupees. Finally, the deal was done at a 1 crore rupee for the equity of 4%.

Ravi Mathur, Deepak Bhuvneshwari Uniyal and Shilpa Arora are the founders of this startup. Insurance policies are widely misunderstood in India. The average person gets fooled by a lot of fraud insurance companies. A business person can also be fooled into taking out a loan to sell insurance products. As a result of resolving this issue, Insurance Samadhan was born. They offer life insurance, health insurance, general insurance, and other types of insurance. Their business idea consists of a website and a WhatsApp number where a bot greets visitors. Both will ask for numerous inputs, such as age and policy types, and one must enter the information, after which the company’s staff will communicate with the clients.

The corporation is valued at 100 crores. During their three-year journey, they have resolved over 14000 complaints and assisted in recovering over 30 crore rupees for many ordinary people. The money comes from the completion of cases, and they charge a success fee of 12%, which is charged at the end of the problem-solving process. The company has a 70% success rate. According to industry standards, it can take anything from 6 months to 2 years to resolve an issue, but it can also be resolved in as little as three days or a few hours. In the last 3 years, the company has made sales of Rs.1 crore, and in FY21-22, they made sales of Rs.1.04 crore rupees.

The startup Insurance Samadhan generates awareness among the people and protects them from fraud. The insurance policies, terms and conditions have been written in readable and straightforward language so that everyone can read them and understand them before buying policies. They assist their clients properly with detailed information and resolution. The data and privacy of customers are entirely safe with Insurance Samadhan.