Insuretech firm Vitraya Technologies has secured $4.1 million in a pre-Series A round led by StartupXseed Ventures.
The company’s board has passed a special resolution to issue 539 pre-Series A compulsory convertible preference shares at Rs 93,981 each and 1,854 A-2 CCPS at Rs 1,56,634 per share to raise $4.1 million (Rs 34 crore), as per its regulatory filings.
The development was first reported by Entrackr.
StartupXseed Ventures has invested Rs 11.7 crore while J&A Partners and Cactus Partners have injected Rs 6 crore and Rs 5 crore, respectively, in Vitraya.
Season Two Ventures, Xceedance Consulting, and angel investors Eklavya Juneja and Sheeta Arora collectively contributed Rs 11.3 crore.
Founded in 2019 by a former chief operating officer of MobiKwik, Mrinal Sinha, Vitraya provides a techstack that automates health insurance claims (pay-outs and settlements) between healthcare providers and insurers, besides providing underwriting and solvency analytics services through data dashboards.
The firm uses smart contracts and blockchain architecture to secure all ends of the data in private blocks. The tech also enables the company to detect document and identity forgery and auto-screens all documents against policy codes, get instant approvals among other related services.
Vitraya counts Star Health, Niva Bupa, Ayushman Bharat, and Care Insurance among its clients. It also helps leading hospital chains get payments on the same day from insurers.