The funding was led by Lightspeed Venture Partners, with notable participation from General Catalyst and Valor Equity Partners. This comes on the heels of the startup’s previous achievement of securing a $22 million Series A round last year.
Established in 2021, Nirvana specializes in usage-based insurance policies that are underwritten on state-admitted, A.M. Best A-rated (Excellent) paper, and supported by a panel of reinsurers.
The startup’s innovative Safety Platform is equipped with a dashboard featuring AI-powered monitoring tools. The technology enables proactive risk reduction and cost-saving measures, optimising routing, enhancing driver coaching, and aiding in the avoidance of fines. The substantial funding infusion is poised to further propel Nirvana Insurance in its mission to revolutionise commercial fleet insurance with cutting-edge solutions.
Speaking about the new collaboration, Raviraj Jain, Partner at Lightspeed Venture Partners, said: “Commercial fleets today produce a tremendous amount of data, yet most insurers still insist on a cookie-cutter approach to insurance that does nothing to incentivize safety. Nirvana is bringing insurance into the modern era, changing how the industry considers risk. Their incredible growth is a testament to the opportunities AI and data analytics are opening up in fleet insurance and beyond, especially given that the IoT fleet management market is expected to continue growing.”
Rushil Goel, co-founder and CEO of Nirvana, explained: “In the past few years, most fleets saw their insurance rates rise even though they were doing everything right. We believe they deserve better.”
He added: “Nirvana is changing the paradigm by proving how a better customer experience—lower rates, faster turnarounds for quotes, and access to a full safety platform—is better for business, reflected in our market-leading loss ratio.”
Author: Joanna England
