New Delhi: InRisk Labs said on Wednesday it has raised $27 million in a Series A funding round, as the climate-tech and reinsurance startup looks to strengthen its technology stack and expand its talent pool to enhance risk assessment and pricing capabilities.

The Ahmedabad-based company said its subsidiary, EarthRe Insurance IFSC Ltd, has secured a licence from the International Financial Services Centres Authority (IFSCA) to operate as a reinsurer. It added that EarthRe is the first incorporated reinsurer to emerge from the International Financial Services Centre at GIFT City.

The investment round was co-led by venture capital firm Bessemer Venture Partners and Northpoint Capital.

The group has two separate businesses. InRisk Labs builds the technology, artificial intelligence (AI) models and data systems that help assess and predict insurance risks. EarthRe uses those tools to run an reinsurance business, which provides insurance to insurance companies.

"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." Malay Kumar Poddar, chief executive officer of EarthRe, said in a statement.

The company plans to focus on India and other developing markets, offering reinsurance for natural disasters such as floods and cyclones, climate-related risks, property, crop insurance and other specialised lines. Its key differentiator will be developing reinsurance products tailored to the unique risk profile of India and the Global South, instead of relying solely on conventional treaty structures designed for more mature insurance markets.

The company will use the fresh capital to build better technology and hire experts to improve how it assesses and prices insurance risks. It will also help the company expand into new insurance segments, develop event-based products such as those covering earthquakes or floods and meet the capital requirements needed to scale its reinsurance business in India's $10 billion market.

"Every major economy is underwritten by its own reinsurers; India, for all its scale, needs its own reinsurance capacity. IFSC at GIFT City has changed that by providing a world-class regulatory framework that lets us build homegrown reinsurance capacity, keep the underwriting judgment on Indian risk in India, and serve the Global South from here. EarthRe exists to carry that responsibility,” he added.

Vishal Gupta, partner, Bessemer Venture Partners, said: “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. EarthRe is a generational opportunity in a market that has waited a long time for it.”

Bessemer Venture Partners had earlier invested an undisclosed amount in the company last year.

New Delhi: InRisk Labs said on Wednesday it has raised $27 million in a Series A funding round, as the climate-tech and reinsurance startup looks to strengthen its technology stack and expand its talent pool to enhance risk assessment and pricing capabilities.

The Ahmedabad-based company said its subsidiary, EarthRe Insurance IFSC Ltd, has secured a licence from the International Financial Services Centres Authority (IFSCA) to operate as a reinsurer. It added that EarthRe is the first incorporated reinsurer to emerge from the International Financial Services Centre at GIFT City.

The investment round was co-led by venture capital firm Bessemer Venture Partners and Northpoint Capital.

The group has two separate businesses. InRisk Labs builds the technology, artificial intelligence (AI) models and data systems that help assess and predict insurance risks. EarthRe uses those tools to run an reinsurance business, which provides insurance to insurance companies.

"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." Malay Kumar Poddar, chief executive officer of EarthRe, said in a statement.

The company plans to focus on India and other developing markets, offering reinsurance for natural disasters such as floods and cyclones, climate-related risks, property, crop insurance and other specialised lines. Its key differentiator will be developing reinsurance products tailored to the unique risk profile of India and the Global South, instead of relying solely on conventional treaty structures designed for more mature insurance markets.

The company will use the fresh capital to build better technology and hire experts to improve how it assesses and prices insurance risks. It will also help the company expand into new insurance segments, develop event-based products such as those covering earthquakes or floods and meet the capital requirements needed to scale its reinsurance business in India's $10 billion market.

"Every major economy is underwritten by its own reinsurers; India, for all its scale, needs its own reinsurance capacity. IFSC at GIFT City has changed that by providing a world-class regulatory framework that lets us build homegrown reinsurance capacity, keep the underwriting judgment on Indian risk in India, and serve the Global South from here. EarthRe exists to carry that responsibility,” he added.

Vishal Gupta, partner, Bessemer Venture Partners, said: “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. EarthRe is a generational opportunity in a market that has waited a long time for it.”

Bessemer Venture Partners had earlier invested an undisclosed amount in the company last year.