The acquisition will mark the General Atlantic-backed fintech firm’s foray into India’s insurtech space as the firm looks to diversify beyond offering registry services to mutual funds, corporates, pensions and other asset classes.
Artivatic.ai, meanwhile, will use the capital to expand its product portfolio and foray into new geographies in India. Artivatic.ai specialises in providing risk-based automated solutions to insurers to streamline underwriting, claims settlement and fraud management.
“Expanding our portfolio of services into insurance had been in the works, and our investment into Artivatic.ai is the first step in that direction,” Sreekanth Nadella, chief executive at KFin Technologies said in a statement on Tuesday. “Access to capital aside, KFin will contribute to Artivatic.ai with access to clientele, geographic expansion, thought leadership and technology and process frameworks.”
Layak Singh, the co-founder at Artivatic.ai, said the investment will be earmarked for building the company’s technology platform while expanding into new geographies.
“Through the partnership with KFin and General Atlantic, Artivatic will leverage domain expertise, network, and financial support to become one of the preferred insurance solution providers and scale faster in India and the South East Asia region,” Singh said. “This partnership will allow Artivatic to focus majority in growth, scale, expanding to various geographies, through the backing of KFin.”