IBISA, an Agri-insurtech startup, announced that Ankur Capital, a major early-stage venture capital fund focused on disruptive technologies in deeptech and climate technology, has joined its seed round at an undisclosed amount.
Company Headquartered in Luxembourg, is on a mission to provide innovative weather protection insurance solutions to the Agri value chain players, according to a statement.
IBISA has raised a total of $1.9M in funding over 5 rounds. Their last funding was raised $1.7Mn on Dec 2021, from a Seed round led by Insurtech Gateway.
According to some estimates, 70% of the world’s food supply comes from smallholder farmers, and more than 50% of India’s workforce is in agriculture and related industries, which account for just 20% of India’s GDP. With climate change occurring at a rapid rate, the majority of these smallholder farmers are vulnerable to unexpected climatic changes that result in crop damage.
There is a huge difference between the cost of insurance and the willingness to pay premiums, as well as the relevance of the existing insurance products and the needs of the farmers, it is not that there are no insurance solutions to cater for that.
IBISA was established in India in 2019 by the DHAN Foundation to provide parametric insurance against drought in Tamil Nadu. Fast forward to now, IBISA is expanding its operations in India with operations in Odisha, Karnataka, and Telangana, for protection against excess rainfall, wind speed, and drought, states the organization. IBISA opened a registered office in Bengaluru in February 2022.