Insuretech startup InRisk Labs raises $27M in Series A

InRisk Labs, an Ahmedabad-based insurtech startup, has secured $27 million in Series A funding. The investment was led by Bessemer Venture Partners and Northpoint Capital. The capital infusion will be used to enhance InRisk Labs' underwriting, actuarial, catastrophe modeling, and AI capabilities. The funds will also be utilized to broaden the company's coverage in natural catastrophe, climate risk, marine cargo, and motor segments.

Additionally, the funding will support the scaling of EarthRe, InRisk Labs' subsidiary. EarthRe Insurance IFSC Limited has obtained a license from the International Financial Services Centres Authority (IFSCA) for its reinsurance operations. InRisk Labs has transitioned from a technology-driven insurtech platform to an integrated reinsurance group with licensed risk-bearing capacity.

The company's technology, data, and risk-intelligence infrastructure is developed by InRisk Labs, while EarthRe deploys these capabilities through a regulated reinsurance balance sheet focused on India and the Global South. Malay Kumar Poddar, CEO of EarthRe, stated that India will be a pivotal insurance market in the next two decades, calling for the development of indigenous capacity and tailored solutions.

EarthRe aims to be a technology-first non-life reinsurer, specializing in natural catastrophe, climate risk, property, crop, and specialty lines. The company's platform integrates diverse datasets, including climate, geospatial, satellite, exposure, and claims data, to optimize risk selection, pricing, portfolio construction, and capital allocation.