Infinity Assurance raises Rs 3.84 crore from IAN

The money will be used to strengthen the research and development of the company

Infinity Assurance Solutions, a New Delhi-based startup that provides service administration, including manufacturer warranty and managing warranty products, has raised Rs 3.84 crore from Indian Angel Network (IAN). The round was led by Vishal Lalani, managing director of Indication Instruments Limited, and HCL founder Ajai Chowdhry.

Co-founded by Rajesh Kumar Goel and Puneet Gargya, and incubated under the mentorship of Aegis Centre for Entrepreneurship, Infinity Assurance will be offering theft and burglary protection to mobility and personal devices very soon under its 'InfyShield' umbrella. This investment will strengthen the research and development for the same, the company said in a release on Thursday.

"Our focus is on helping companies manage their service obligations at fixed price by adding value to their customers. We also have our in-house brand, InfyShield, which is sold to the end-consumers through retailers as well as ecommerce marketplaces. IAN's network of investors and our mentors during our early stage will help grow our business in the sector at a much quicker pace," said chief executive officer Goel.

According to IAN director and lead investor Ajai Chowdhry, the network is always on a lookout for innovative starups that have the capacity to disrupt the ecosystem.

"Infinity Assurance has come at a time when the customers' dependence on the e-retail channels is increasing exponentially. We believe that Infinity Assurance has the potential to address this gap in this customer-oriented sector," he added.