[Funding Alert] Vitraya technologies Bags $5 mn in Series A Round

Vitraya Technologies, based in Mohali, secures $5 million from Series A funding round led by StartupXSeed, the B2B Venture Capital fund. The round also saw participation from significant investors such as Season Two Ventures, Cactus, Xceedance, and Mankind Pharma's family office. 

The fresh funds will be used for hiring skilled personnel, expanding their global business development efforts, and scaling up their current technology and products. The founder of Vitraya Technologies, Mrinal Sinha, who previously served as the COO of Mobiwik, led a team of experts in creating AI-based technology that assesses and decides on claims within a millionth of a second. With this cutting-edge technology, hospitals can receive immediate cash settlements from insurers after the discharge of patients.

The Indian health insurance market's largest segment, which is growing at 25 percent annually, is worth Rs 75K crore in premiums. Health insurers incur Rs 10K crore in operating expenses and suffer losses of Rs. 5K to 10K crore due to fraud and errors. Despite the rapid growth of the insurance market, over 95 percent of workflows are manually driven, making it unscalable. Vitraya Technologies' platform is a game-changer, providing instant claim approval and real-time settlement, streamlining the revenue cycle, and reducing administration costs through zero documentation and disallowance. This will aid insurers in streamlining their work and improving scalability.

Mrinal Sinha, CEO, Vitraya Technologies said, "Insurance claims are a global problem, and the health insurance market loses trillions of dollars to claim processing costs and fraud. The United States alone accounts for $350 billion in claim processing costs. Having faced deep trouble with claim settlement, we developed the Vitraya platform to connect hospitals, insurers, clinics and patients on a single platform facilitating faster claim settlements and payout, easy fraud detection and reduced operational costs. We scaled to 4000 large and mid-size hospitals within 1 year from launch and are rapidly growing. StartupXseed's Investment is a validation of our vision and will further open doors in the Indian healthcare and insurance ecosystem and help with global expansion."

Ravi Thakur, the Co-founding partner at StartupXseed commented, "Despite the rapid growth of insurance in India, customer orientation and empathy are sore points, particularly in health insurance. Vitraya's revolutionary technology that settles claims within 1-millionth of a second transforms the health insurance customer experience. We have been tracking this space for some time and then decided to back Mrinal to lead the tech future of health insurance. With the tech proven in the Indian market, we look to expand to global markets."

The AI-enabled blockchain technology used in the platform ensures the absolute security of the hospital, patient, and policy data. The platform secures all ends of the data in private blocks where the involved parties can interact safely and hassle-free. Today, this technology is being used by Indian health insurance leaders like STAR, Niva Bupa, CARE Health Insurance, and others.