MetaMorphoSys, a business-to-business (B2B) SaaS InsurTech, has raised $3m in funding to help insurance companies tackle industry challenges.
According to a report by The Economic Times, the round was led by Info Edge-backed technology fund Capital2B. The round also saw participation from angel investors Pavitar Singh and Dhruv Dhanraj Bahl.
Founded in 2016 by Amit Naik and Kewal Vargante, MetaMorphoSys Technologies is an Indian InsurTech focused on creating innovative software products to address the challenges of the global insurance industry.
The India-based company said it is leveraging its “domain expertise, regulatory knowledge and technology experience” to architect innovative products and disrupt the insurance value chain from Customer Acquisition to Engagement.
MetaMorphoSys’ SaaS-based low code platform aims to help insurance companies launch innovative products across categories such as motor, travel, property, life, and health. Its services are being leveraged by insurance entities across India, Singapore, Indonesia and Vietnam.
The startup said it will use the capital to expand and invest in innovative solutions.
Naik, cofounder of MetaMorphoSys, said, “The insurance industry is accelerating investments in digital platforms. We are thrilled by the trust of our customers and investors as we continue our journey to streamline the insurance ecosystem,” said
The InsurTech’s last raise came in 2020, when it closed a pre-Series A funding round. which was led by Good Capital, with participation also from HNI.
Investors seemed confident of the company’s vision even back then. At the time, Rohan Malhotra, managing partner at Good Capital, said, “Insurance companies have realised that startups like MetaMorphoSys can help them compete with new-age insurance companies and at the same time leverage the huge investments already made in existing legacy platforms.”
Elsewhere in the insurance market in India, Digit Insurance recently announced it is considering raising $440m through initial public offering (IPO) at a valuation of $4.5bn to $5bn.
This could be indicative of the potential of the market in India. Digit reportedly said it is looking to capitalise on India’s “under-penetrated” general insurance market along with users’ need for a better customer experience, including better claim settlements.
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