Private equity giant General Atlantic-backed KFin Technologies, a Hyderabad-based registry services firm, has acquired a 17 per cent stake in insurtech startup Artivatic.ai for an undisclosed sum. The acquirer also has an option to increase its stake to majority holding in Artivatic.ai.
The investment will help KFintech venture into the insurtech space as it looks to diversify beyond offering registry services to mutual funds, corporate, pensions and other asset classes. Artivatic.ai will utilise the funding to broaden the product portfolio, explore new business horizons and expand its footprint across India and other global markets with the help of KFin.
Sreekanth Nadella, Chief Executive Officer of KFin Technologies, said, “Expanding our portfolio of services into insurance has been in the works, and our investment into Artivatic.ai is the first step in that direction. We enormously value the techpreneur community and the value they add to the industry”.
“Access to capital aside, KFin will contribute to Artivatic.ai with access to clientele, geographic expansion, thought leadership and technology and process frameworks,” he added.
Artivatic provides risk-based personalised automated solutions catering to the underwriting, claims, risk and fraud intelligence, embedded distribution, new-age product design, sales intelligence, and more to ease insurance operations benefiting both the insurers and customers.
Layak Singh, Co-Founder, Artivatic.ai, said, “This investment will help Artivatic focus on building and strengthening new-age solutions in insurance and healthcare services to provide unified, risk-based, personalised technologies enable end-to-end digital adoption. Through the partnership with KFintech and General Atlantic, Artivatic will leverage domain expertise, network, and financial support to become one of the preferred solutions providers for insurance and scale faster in India and the South-East Asia region. This partnership will allow Artivatic to focus on growth, scale, expanding to various geographies, through the backing of Kfintech”.
Kfintech serves corporates, mutual funds, venture funds, private equity, the national pension system, wealth managers, and exchange-traded funds, both domestically and globally.