American private equity firm General Atlantic-backed registrar and transfer agency, KFin Technologies, on Tuesday said that it has acquired a 17% stake for an undisclosed amount in insurtech startup Artivatic.ai.
The partnership with Artivatic will help KFintech venture into the insurtech space as the firm looks to diversify beyond offering registry services to mutual funds, corporates, and pensions among other asset classes, the company said in a statement.
On the other hand, Artivatic.ai will utilise the funding to broaden its product portfolio, explore new business horizons and expand its footprint across India and other global markets.
Artivatic provides risk-based personalised automated solutions catering to the underwriting, claims, risk & fraud intelligence, embedded distribution, new-age product design, sales intelligence, and more to ease insurance operations benefiting both the insurers and customers.
“KFin prides itself as a hyper-scale backbone for financial services management across asset classes, expanding our portfolio of services into Insurance and our investment into Artivatic.ai is the first step in that direction” Sreekanth Nadella, Chief Executive Officer of KFin Technologies, said.
“Access to capital aside, KFin will contribute to Artivatic.ai with access to clientele, geographic expansion, thought leadership and technology & process frameworks.” he added.