- Founder: Ravi Mathur, Deepak Bhuvneshwari Uniyal & Shilpa Arora
- Business: Insurance Solutions
- Ask: ₹1 Crore for 1% Equity
- Valuation/Net worth: ₹100 Crore
- Funding: ₹1 Crore for 4% Equity
- Sharks: Peyush Bansal
- Episode: Season 1 Episode 26
Insurance Samadhan Shark Tank Pitch:
Insurance Samadhan was founded by Ravi Mathur, Deepak Bhuvneshwari Uniyal, and Shilpa Arora to address issues with insurance claims and prevent the mis-selling of insurance products. Company have successfully resolved over 14,000 complaints in three years, with a total claim amount of over 30 crores. They deal with the Life, Health, and General insurance categories. Entrepreneurs shared that they sought an investment of ₹1 crore for a 1% equity stake in the company.
They serve consumers through their website and have also created a chatbot to gather general information from consumers to initiate the claims process. After compiling the information, their search engine determines if there is sufficient proof to proceed with the claim. They only accept 5-7% of the total cases that come to them. The company charges a 12% success fee after the consumer receives the claimed money. They claim to have no competition in Asia and maintain a 70% success rate. On average, it takes 45-60 days to resolve a case.
They have generated ₹1 crore in revenue over the last three years. Their year-to-date revenue for FY 21-22 is 1.04 crores, with earnings of 22 lakh in the last month. At the time of the pitch, they had claims worth ₹80 crores in processing, and even if they resolve 50% of those, they would generate 3-4 crores in revenue. They closed a pre-Series A round at a valuation of 25 crores, raising 5 crores.
Insurance Samadhan Shark Tank India Negotiations:
Anupam suggests that while they have a great team, their Total Addressable Market (TAM) is not substantial. He estimates that this business could grow to 100-150 crores, but he believes the timing is not ideal, and competition in the market could further limit the market. Namita disagrees with Anupam, believing that scale is not the issue, but execution is, and she steps out of the deal. She also mentions that the valuation is not reasonable. Gazal opts out, citing the valuation.
Vineeta is impressed with the team and offers ₹1 crore for 25% as she considers it a common problem. Since they have grown 4X since their last round, they have increased their valuation. Peyush expresses interest and offers ₹1 crore for 10%. The company counters at 1.3%, and after hearing that, Vineeta steps out of the deal. Peyush makes another offer of ₹1 crore for 5% with a guarantee that he would secure the company’s Series A funding round. The company takes a moment to think and returns with a counteroffer of 2.5%. Peyush declines that but matches the post-money valuation of the last round and offers 4%, which the company accepts.
How is Insurance Samadhan doing after Shark Tank India?
As for how Insurance Samadhan is doing after Shark Tank India, it appears that their deal with Peyush never closed after the show. According to their website, they have resolved 15,000 claims worth over 100 crores. Deepak Bhuvneshwari Uniyal shared in a conversation with the India Insurtech Association that Shark Tank had a significant impact on their company. He mentioned that they were entering a new category, so not many people knew about their services, and Shark Tank helped with exposure. Deepak also shared that their call center and chatbot have been consistently busy since the show aired, even after almost a year and a half. Additionally, they have Bollywood actor Sonu Sood as their spokesperson.
Source: Insurance Samadhan Instagram
Here is how other companies from Season 2 Episode 26 are doing.
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