InRisk Labs, an Ahmedabad-based insurtech startup, has raised $27 million in a Series A funding round led by Bessemer Venture Partners and Northpoint Capital.
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Alongside the fundraise, the startup also announced that its subsidiary, EarthRe Insurance IFSC, has received a reinsurance licence from the International Financial Services Centres Authority, making it the first incorporated reinsurer to be licensed at the International Financial Services Centre in GIFT City.
It was founded in 2024 by Aavrit Singhal, Siddesh Ramasubramanian, Shivakhumar R S, and Malay Kumar Poddar.
InRisk Labs builds technology for two related but distinct areas of insurance. Parametric insurance is a model where payouts happen automatically once a predefined event occurs, such as a specific level of rainfall or an extreme weather event, rather than requiring a lengthy claims assessment process. Reinsurance, on the other hand, is essentially insurance for insurance companies, helping them manage large risks that would otherwise sit entirely on their own books.
InRisk Labs and EarthRe operate as two connected but distinct parts of the same group. InRisk Labs will continue to focus on building the technology, data, and risk intelligence infrastructure, while EarthRe operates as the regulated reinsurance business, deploying that technology through an actual licensed balance sheet that can underwrite risk.
EarthRe focuses on non-life reinsurance, with capabilities spanning natural catastrophe, climate, property, crop and specialty risks, while the company plans to expand further into segments including marine cargo and motor.
The platform uses catastrophe modelling, climate risk analytics, and AI-powered underwriting to build structured reinsurance products, drawing on climate, geospatial, satellite, exposure, and claims data to improve how risk is selected, priced, and allocated.
The newly raised capital will go towards strengthening the company’s underwriting, actuarial, catastrophe modelling, and AI capabilities.
InRisk Labs also plans to expand into new non-life insurance segments, develop more parametric and structured reinsurance products, and meet the regulatory capital requirements needed to scale EarthRe’s operations within India’s reinsurance market, which the startup estimates at around $10 billion.
Malay Kumar Poddar, CEO of EarthRe, said, “India will be the most consequential insurance market over the next two decades. To drive sustainable growth, we must build indigenous capacity and tailored solutions built by India, for India.”
“IFSC at GIFT City has changed that by providing a world-class regulatory framework that lets us build homegrown reinsurance capacity, keep the underwriting judgement on Indian risk in India, and serve the Global South from here,” he added.
Vishal Gupta, Partner at Bessemer Venture Partners, said, “Building an India-scale reinsurance business required patience, discipline and expertise. We backed this team at Seed because they have this unique combination. This latest round is a way for us to double down on their vision, which is built on long-term capital, underwriting rigor and sustainable growth compounding.”
Sameer Brij Verma, Founder and Chief Investment Officer of Northpoint Capital, said, “We are entering an era in which technology and risk capital are converging, and the next generation of risk carriers will be built as technology companies from day one. EarthRe combines a licensed balance sheet and an AI-native risk platform with exceptional domain expertise.”