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6 out of 7 Indian insurtech unicorns focus on B2C, tackling penetration hurdles: Report
IndianStartupNews
·
1y ago
Medial
According to a report by ICICI Lombard and NASSCOM, six out of seven InsurTech unicorns in India focus on B2C, addressing the country's insurance penetration challenge. The report highlights the significant inflow of investments in Indian InsurTech startups, with 90% of funding directed towards B2C companies. The Indian InsurTech landscape has demonstrated stable funding, with B2C aggregators and end-to-end InsurTech players experiencing higher growth rates than traditional insurers. The report also emphasizes the importance of digital usage, data privacy, and reliable online services in shaping the future of digital insurance in India.
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India to have 150 fintech unicorns with combined $500 billion valuation by 2030: report
Economic Times
·
11m ago
Medial
India is expected to become home to 150 fintech unicorns valued at $500 billion by 2030, according to a report by JM Financial and Beams Fintech Fund. The report predicts a surge in revenue for Indian fintech firms, reaching $260 billion by the end of the decade. The payments industry is projected to lead the fintech boom, with transaction values expected to reach $11 trillion by 2030. Other segments such as lending, insurtech, wealthtech, and neobanking are also set for significant growth. Currently, India has 26 fintech unicorns, positioning it behind the US, China, and the UK.
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SoftBank-backed InMobi looks to raise $1 billion via Indian IPO - The Economic Times
Economic Times
·
15d ago
Medial
InMobi, backed by SoftBank, plans to raise $1 billion through an IPO in Mumbai, aiming for a $5-6 billion valuation. Founded in 2007, it was among India’s early unicorns. The IPO could align with the trend of Indian tech startups pursuing domestic listings rather than overseas options. InMobi's move could contribute to the over $7 billion already raised through Indian IPOs this year, following nearly $21 billion raised last year.
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BimaPay Nets $2 Mn To Offer Tech-Based Insurance Solutions
Inc42
·
1y ago
Medial
Insurtech startup BimaPay has raised $2 million in a funding round led by LC Nueva Investment Partners. The funds will be used to expand the startup's presence in the financial inclusion and insurance space through the use of technology. BimaPay offers digital lending solutions, including insurance premium financing, to increase affordability and accessibility in the insurance sector. The startup aims to penetrate underserved markets and promote insurance penetration in India. The insurtech market in India is projected to reach over $304 billion by 2030, according to a report by Inc42.
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Now, Non-IIT, IIM Graduates At The Helm Of Indian Unicorns’ Growth Story
Inc42
·
1y ago
Medial
A recent report highlights the shift in the academic background of Indian startup founders. While IITs have traditionally been the preferred institution, the report shows that over 60% of soonicorn founders (startups on their way to becoming unicorns) do not come from an IIT background. This indicates that investors are now prioritizing founders' execution capabilities over their educational pedigrees. The report also highlights a lack of gender diversity, as only 7% of the soonicorn founders are women.
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Private funding in India's insurtech sector set to cross $1 billion in the next 12 months: Report
IndianStartupNews
·
10d ago
Medial
A report by The Digital Fifth and Perfios projects India's insurtech private funding to exceed $1 billion in the next year. The report outlines a transformative shift in the insurance sector with digital channels gaining traction. Key shifts include tech investments, digital transformation, and increased automation in life insurance onboarding and retail non-life claims. The sector faces structural challenges like low insurance penetration, but initiatives like NHCX and Bima Sugam aim to drive innovation and modernisation.
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Delhi unicorns on hiring spree amid funding winter; over 50,000 join startups
Livemint
·
1y ago
Medial
According to a report by PrivateCircle Research, Delhi-based unicorns saw a significant increase of 52,420 employees between September 2022 and July 2023, despite the global funding winter. However, the report also noted that 3.6 lakh employees left their jobs across Indian unicorn startups in the same period. Bengaluru's startup ecosystem experienced a decline in workforce, while only three Indian unicorns managed to maintain an attrition rate of under 1%. Overall, 111 unicorns employed 4,42,714 people in July 2023, showing a net increase from September 2022.
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India a global leader in agentic AI adoption: Deloitte report
YourStory
·
4m ago
Medial
India is rapidly becoming a leader in agentic AI adoption, with over 80% of businesses developing autonomous agents, according to a Deloitte report. This shift indicates a growing interest in using AI for innovation and efficiency. The report highlights the rising focus on multi-agent workflows and the use of Generative AI for automation. Despite challenges like errors and bias, Indian organizations remain optimistic about overcoming these hurdles within two years through strategic investments and agile innovation approaches.
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Lowering Logistics Cost Can Help Increase Ecommerce Penetration In India: Flipkart CEO
Inc42
·
1y ago
Medial
Flipkart CEO Kalyan Krishnamurthy believes that solving the cost structure of logistics is a major challenge for India's ecommerce sector. Lowering logistics costs could enhance ecommerce penetration, which currently stands at 7-8% of India's retail market. Krishnamurthy also credited the Indian government's focus on tax simplification and ease of doing business for the sector's growth. Despite ongoing losses, Flipkart is reportedly approaching profitability due to reduced cash burn.
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Growth, Innovation, And Challenges: A Glimpse Into India’s InsurTech Landscape
Inc42
·
1y ago
Medial
The insurance industry in India is undergoing transformative changes and is expected to grow significantly in the coming years. Insurance penetration in the country is low, but new avenues for sales are emerging alongside traditional channels. InsurTech, or the use of technology in insurance, is playing a crucial role in this transformation. Innovative distribution channels such as contextual insurance, embedded insurance, and bancassurance are reshaping how insurance reaches consumers. There is also a growing focus on sustainability and ESG aspects in the insurance industry. Overall, the future looks promising for the Indian insurance sector, with increased financial security and economic growth anticipated.
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Startup conclave to be organised in Gandhinagar on December 7
Economic Times
·
1y ago
Medial
Gandhinagar will host a startup conclave on December 7 as part of the Vibrant Gujarat Global Summit 2024. Attended by unicorns, venture capitalists, and business leaders, the event will focus on regulatory reforms, tax incentives, and improving the startup ecosystem. Discussions will include a review of venture capital and private equity investment in India and Gujarat, addressing challenges in innovation, research, market access, funding, and financial inclusion. The roundtable on December 6 will feature Union ministers Dharmendra Pradhan and Rajeev Chandrasekhar, along with Gujarat Chief Minister Bhupendra Patel, to enhance the startup environment.
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