Ankur Capital Invests In Agri Insurtech Startup IBISA’s Seed Round

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Ankur Capital aims to transform the range of parametric insurance options in nations such as India through the collaboration

IBISA seeks to open agri-insurance for smallholder farmers all over the globe through its weather-indexed parametric platform as well as an automated loss evaluation remotely

IBISA is currently expanding their operations to India to offer assurance to farmers in Odisha, Karnataka and Telangana against excessive wind speed, rainfall, and drought

The early-stage Venture capital (VC) fund Ankur Capital has invested an unidentified amount in the Luxembourg-based agricultural insurtech startup IBISA’s initial funding round.

Through this collaboration, Ankur Capital aims to change the scope of parametric insurance options for countries such as India with huge addressable markets.

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IBISA was established in the year 2019 aims to open up insurance for small-scale farmers all over the globe. It has created an index-based parametric platform that lets index design policies, policy management and remote loss assessments based on satellite data.

It launched its operations in India by partnering with its DHAN Foundation to provide parametric coverage for drought-related insurance for Tamil Nadu. It also set up an office registered located in Bengaluru in February of this year.

IBISA has begun to expand their operations across India in order to offer insurance to farmers from Odisha, Karnataka and Telangana against excessive rainfall, wind speed and drought.

In 2014, Ankur Capital was founded in 2014 by Rema Subramanian as well as Ritu Verma, Ankur Capital invests in deep and digital technology companies. There are currently 25 startups under its umbrella comprising two funds. Captain Fresh, Rupifi, String Bio, Vegrow are among the startups that are part of the portfolio.

The lack of data has hindered development of the agriculture insurance industry in the developing world for many years, Verma, partner at Ankur Capital said, “Legacy crop insurance was a lengthy manual processes that are not practical for markets in developing countries where smallholder farming is common, as well as parametric insurance had always proved unprofitable due to the absence of accurate climate-related data.”

“With IBISA, we sought to develop technology that could aid in reducing costs for participants in the insurance sector,” she added.

Based on Ankur Capital, IBISA’s digital assessment system and low-cost distribution model make insurance accessible to small farmers.

IBISA declares that it can to meet the demands of a variety of agri value chain companies by providing custom-made solutions for excessive rainfall, extreme temperatures storms, and much more.

In India it competes against GramCover, nurture.farm, BigHaat, DeHaat, among others.

In addition to India, IBISA has its operations in New Zealand, Senegal, Guatemala, Philippines, and other African countries.

According to the Economic pitch research report the market for Indian agritech is expected to grow to $24.1 Billion in 2025. This growth is due to the increase in internet usage across India as well as the growing loss of supply chain and post-harvest as well as the lack of financing and high-quality inputs to farmers, as well as a rising interest from investors.

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