Insuretech firm Vitraya Technologies raises Rs 34 crore or $4.1 million in a pre-Series A round led by StartupXseed Ventures (Aaruha Technology Fund). This is the first round of investment for the Mohali-based company this year.
The board at Vitraya Technologies has passed a special resolution to issue 539 pre-Series A CCPS at Rs 93,981 each and 1,854 A-2 CCPS at Rs 1,56,634 per share to raise Rs 34 crore, according to its regulatory filings with the Registrar of Companies (RoC) shows.
StartupXseed Ventures has pumped in Rs 11.7 crore while J&A Partners and Cactus Partners injected Rs 6 crore and Rs 5 crore respectively. Season Two venture, Xceedance consulting, and individuals such as Eklavya Juneja and Sheeta Arora collectively contributed Rs 11.3 crore in the Pre Series A financing round.
As per Fintarckr’s estimates, the company has been valued at around Rs 260 crore or $32 million (post-allotment of the pre-Series A).
Vitraya is a tech-enabled platform which automates real-time pay-outs and settlements on health insurance claims between healthcare providers and insurers. Led by former Mobikwik’s chief operating officer Mrinal Sinha, it enables quick settlement of claims, automated documentation, and filing, peer reviews for patients to verify the disease, and treatment.
In December 2021, Vitraya Technologies reportedly raised over $1.5 million from Season Two ventures. The company competes with ClaimBuddy which raised Rs 21 crore co-led by Chiratae Ventures and Rebright Partners in February last year,, ClainTherapist and Bima Garage among several others.