Paramount Services Raises INR 2.5 Cr from Finvolve The Gurugram-based startup will utilise the funds to bolster its proprietary AI-driven software, improve digital claims management, and expand its footprint across insurance companies in India.
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Paramount Services, a digital-first AI Claims-as-a-Service (CaaS) platform, has raised INR 2.5 crore in its first institutional funding round from Finvolve, a multi-stage venture capital fund under the IA (India Accelerator) ecosystem. The investment was structured through Compulsorily Convertible Preference Shares (CCPS).
The Gurugram-based startup will utilise the funds to bolster its proprietary AI-driven software, improve digital claims management, and expand its footprint across insurance companies in India. Paramount aims to transform how motor insurance claims are assessed—making the process faster, more accurate, and less dependent on manual intervention.
"Paramount is solving a real and growing problem in the insurance sector—inefficient and costly claims processing," said Ashish Bhatia, Founder and CEO of IA and Co-founder of Finvolve. "Their technology-led AI model aligns perfectly with our vision to back scalable, impact-driven startups. With digitization and regulatory shifts accelerating in insurance, we see Paramount playing a crucial role in reshaping the motor claims ecosystem."
Founded by experienced insurance professionals in 2021, Paramount Services leverages deep industry expertise and cutting-edge AI to automate the full motor claims journey—from First Notice of Loss (FNOL) to final settlement. Their services aim to reduce turnaround time, increase accuracy, and enhance customer experience.
The startup is one of only four Digital Service Providers (DSPs) empanelled by PSU insurers under a Government of India initiative to process small-ticket claims up to INR 50,000. Paramount currently operates 58 claim hubs across 30 regional offices and aims to scale further by March 2025.
"As the insurance landscape evolves, claims processing must keep pace," said Naveen Tandon, CEO and Co-founder, Paramount Services. "With IA and Finvolve's support, we'll accelerate tech development, enhance quality control, and drive strategic growth—ultimately delivering greater efficiency and value for insurers and customers."
With this fresh capital, Paramount also plans to hire top tech talent, further develop proprietary AI tools, and expand into emerging markets where digital insurance adoption is on the rise.
