InRisk Labs Raises $27 Mn To Scale AI-Led Reinsurance Platform EarthRe

GIFT City-based insurtech startup InRisk Labs has raised $27 Mn (about ₹256  Cr) in a Series A funding round co-led by Bessemer Venture Partners and Northpoint Capital.

The fresh capital will be used to strengthen the startup’s underwriting, actuarial, catastrophe modelling and AI capabilities.

It also plans to expand into new non-life insurance segments, develop parametric and structured reinsurance products, and meet regulatory capital requirements to scale its subsidiary EarthRe’s operations in India’s $10 Bn reinsurance market. 

Alongside the fundraise, the startup said EarthRe Insurance IFSC has secured a reinsurance licence from the International Financial Services Centres Authority (IFSCA). 

With this, EarthRe has become the first incorporated reinsurer to receive a licence from the IFSC at GIFT City, InRisk Labs said. 

Founded in 2024 by Aavrit Singhal, Siddesh Ramasubramanian, Shivakhumar R S, and Malay Kumar Poddar, InRisk Labs builds technology for parametric insurance, which pays out automatically when predefined events such as extreme weather occur, and for reinsurance, which helps insurers manage large risks. 

Under the group’s structure, InRisk Labs will continue building the technology, data and risk intelligence stack, while EarthRe will operate as the regulated reinsurance business serving India and other Global South markets. 

EarthRe focuses on non-life reinsurance, offering coverage across natural catastrophe (NatCat), climate risk, property, crop, marine cargo, motor, and other specialty segments. It uses catastrophe modelling, climate-risk analytics, and AI-powered underwriting to develop structured reinsurance solutions. 

InRisk Labs competes  with the likes of EigenRisk, IBISA and Mitti Labs in the climate risk, parametric insurance and reinsurance space. 

The development comes amid rising exposure to natural catastrophe risks and a widening insurance protection gap in India, underscoring the need for advanced climate-risk assessment tools and technology-led insurance solutions.

The investment also marks Bessemer Venture Partners’ latest bet on the insurtech space. Earlier this year, the VC firm led the $15 Mn Series B funding round of cyber risk and insurance startup Mitigata. 

According to Swiss Re’s report, India’s insurance market is expected to grow at a real annual rate of 6.9% between 2026 and 2030, making it the fastest-growing major insurance market globally.

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