Mumbai-based McXtra has raised ₹8.8 crores ($13 million) in pre-series A funding from 12 investors. The funds raised will be used to develop its tech platform along with reaching out to more users by spreading awareness.
McXtra, a digital insurance provider consolidates all the insurance policies for its clients to help them get the best policy as per their requirements. It uses intelligent solutions to deliver a seamless insurance experience for its users. It was founded by A S Narayanan and Nimish Airon.
It has 30 corporate partners across the country and is planning to bring 1 lakh customers on its product.
India’s insurable population is expected to reach 750 million by 2020 and insurance space is getting harder to navigate, making it confusing for the new customers. McXtra is aiming to capture this growing user base by helping them understand the insurance space effectively with the help of its data-driven platform.