India, 17th October 2023: Faad Network, India’s leading early-stage fund, announced the investment in InsurStaq.ai, a GenAI InsurTech startup. This investment comes as part of Faad Accelarator Labs ‘FinShastra’ which is fintech focused cohort and aims to support and nurture innovative startups in the financial technology sector.
InsurStaq.ai, recognised as a promising AI startup by Matrix Partners was founded in 2022 by Shivam Kaushik and Mayan Kansal, former engineering batchmates with experience in multiple startups. The company is currently focused on developing InsurGPT, a specialized Large Language Model (LLM) tailored for the insurance industry, and it is conducting beta testing of its products with a select group of several hundred early adopters.
“We’re elated to join InsurStaq on its journey through this investment. It’s a key driver for InsurStaq’s mission to revolutionise the insurance industry in India through its innovative tech enabled solutions. It perfectly aligns with our vision of supporting groundbreaking startups like InsurStaq that are reshaping the industry landscape.” said, Aditya Arora, CEO, FAAD Network.
Since its inception, the company has garnered recognition as a prominent GenAI startup, acknowledged by reputable organizations such as NASSCOM, and InsTech. The primary objectives for utilising the funds include augmenting the founding team and building industry-first GenAI solutions.
“We are grateful to have Faad as the first institutional believer, and supporter right from the inception of our venture. The mentorship and unwavering support we have received throughout our participation in the accelerator program have been invaluable,” said Mr. Mayan Kansal, Co-Founder and CEO, InsurStaq.ai. “The injection of capital will be crucial in speeding up our mission to implement Generative AI solutions across the entire value chain of the insurance industry. We are committed to delivering value to all stakeholders within the insurance ecosystem.”
With the disruptive impact of Generative AI on various industries, this investment holds immense importance for InsurStaq.ai. The company aims to reach 10K+ customers by the end of this year. They plan to utilize the capital to develop a comprehensive suite of B2C, B2B and B2B2C solutions tailored specifically for the insurance sector. By leveraging this funding, InsurStaq.ai aims to create innovative and impactful offerings that address the unique needs of insurance businesses, thereby driving growth and success in the industry.