Ahmedabad-based insurtech startup InRisk Labs has raised $27 million in a Series A funding round co-led by Bessemer Venture Partners and Northpoint Capital, arriving alongside a significant regulatory milestone: its subsidiary, EarthRe Insurance IFSC Limited, has received a reinsurance licence from the International Financial Services Centres Authority, making it the first incorporated reinsurer to be licensed at the International Financial Services Centre in GIFT City.
Founded in 2024 by Aavrit Singhal, Siddesh Ramasubramanian, Shivakhumar R S and Malay Kumar Poddar, InRisk Labs builds technology spanning two related but distinct areas of the insurance value chain: parametric insurance, where payouts trigger automatically once a predefined event occurs — such as a specific rainfall threshold or an extreme weather event — rather than requiring lengthy claims assessment, and structured reinsurance products built around climate and catastrophe risk data.
The fresh capital will be deployed to strengthen the group's underwriting, actuarial, catastrophe-modelling and AI capabilities, while expanding coverage into natural catastrophe and climate risk alongside other non-life segments such as marine cargo and motor insurance. The company also plans to develop additional parametric and structured reinsurance products and to meet the regulatory capital requirements needed to scale EarthRe's operations within India's reinsurance market, which InRisk Labs estimates at approximately $10 billion.
With the new licence, InRisk Labs describes its own transition from a purely technology-led insurtech platform into an integrated reinsurance group with licensed risk-bearing capacity — meaning EarthRe will now underwrite reinsurance business directly through a regulated balance sheet, while the parent company continues to build the technology, data and risk-intelligence layer underneath it. EarthRe's platform integrates climate, geospatial, satellite, exposure and claims data to improve underwriting, pricing, portfolio construction and capital allocation, and the group plans to offer treaty, facultative, structured and parametric reinsurance products aimed at India and other Global South markets.
Malay Kumar Poddar, CEO of EarthRe, said India would be "the most consequential insurance market" over the next two decades, and that building indigenous, India-based underwriting capacity was essential to serving the Global South from within the country rather than through offshore reinsurance hubs. Vishal Gupta, Partner at Bessemer Venture Partners — which backed InRisk Labs at the seed stage and has now deepened its investment — said the GIFT City framework had opened the door to building homegrown reinsurance capacity at scale. The development positions India's newer IFSC regulatory architecture as a credible alternative to established reinsurance centres such as Bermuda, Singapore and London, at a time when climate risk is reshaping global insurance and reinsurance economics.
