Finception
Finception is currently working on building a product around managing and helping people plan their finances better.
| Date | Investors | Amount | Round |
|---|---|---|---|
$560k | Seed | ||
| Total Funding | 000k | ||
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Finception was established in 2018 by a group of alumni from the Indian Institutes of Management (IIM), Ahmedabad, and the Indian Institutes of Technology (IIT). The founding team, consisting of Pawan Kumar Rai, L S Shashank Karkera, Bhanu Harish Gurram, and Lokesh Gurram, identified a significant gap in financial literacy among the general populace in India. Their collective background, spanning finance, technology, and marketing from experiences at companies like Amazon, Nestle, and Samsung, shaped their approach to simplifying complex financial information. The venture secured initial seed funding of $564K in September 2019, with Rainmatter by Zerodha being a key investor.
The company operates primarily through a content-to-commerce business model, focusing on educating its audience before offering financial products. Its initial and most recognized product is Finshots, a daily newsletter and mobile application that breaks down significant financial and business news into a simple, easy-to-understand three-minute read. This free content aims to demystify stock market intricacies, economic trends, and business news without providing direct investment advice or buy/sell recommendations. The success and community built around Finshots paved the way for the company's expansion into the insurance sector.
In 2021, Finception launched Ditto Insurance, an online insurance advisory platform. Ditto aims to address the prevalent issues of misselling and lack of transparency in the Indian insurance market by providing free, unbiased advice to help consumers select appropriate health and term life insurance policies. The platform's revenue is generated through commissions from insurance providers when a customer purchases a policy through Ditto. This advisory-first model, which prioritizes educating the consumer, is a core differentiator from commission-driven sales platforms. By focusing on building trust and providing clear guidance, Ditto serves individuals who are often overwhelmed by the complexities of insurance products.
Keywords: financial literacy, fintech, financial newsletter, stock market analysis, business news, investment education, insurance advisory, health insurance, term life insurance, insurtech, content to commerce, financial media, Finshots, Ditto Insurance, Indian startups, financial education platform, online insurance, investment stories, market analysis, personal finance