Fedo raises $1 million led by Unicorn India Ventures

Insurtech startup Fedo has raised $1 million in its pre-Series A funding round led by Unicorn India Ventures and a clutch of investors including former Max Bupa managing director & CEO Ashish Mehrotra.

Fedo has designed an artificial intelligence/machine learning engine that helps insurance providers automate underwriting in the health and life insurance sector. It assesses insurance seekers' profiles and gives them a ‘Fedo Score,’ a proprietary health score developed by medical professionals and data scientists, the company says.

The company, which counts Sachin Bansal-backed CoCo General Insurance among its clients, said it is launching an image-based underwriting platform this year, which would enable insurance onboarding in less than 60 seconds. It will utilise the funds for entering Australia and Southeast Asia this year.


“With the use of our tech, we can help insurance companies suggest better and more suitable products to applicants which will benefit both the stakeholders when it comes to processing claims. The idea is to address all the gaps that currently exist in the insurance journey of an individual and the companies and use tech to automate the missing links,” Prasanth Madavana, cofounder and CEO of Fedo, said.