 "Funding, Start-up, Startup")
Insurtech startup Bharatsure raised $1 million led by early-stage venture capital (VC) fund Capital-A along with participation from Grip Invest and existing investors such as Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle.
The company had previously raised $1.2 million in February 2022 which saw the participation of its existing investors.
The Mumbai-based company said it will deploy the capital raised to expand insurance coverage in the country.
“This fresh capital injection will further fuel our mission to democratise group insurance, making it accessible and affordable for organisations and groups across the country,” said Anuj Parekh, co-founder and Chief Executive Officer, Bharatsure.
Established in May 2021, the company provides Infrastructure-as-a-Service (IaaS) solutions to insurance distributors like licensed brokers, agents, banks, and institutions.
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Meanwhile, as part of its offerings, the company provides support for identifying insurance partners, product pricing, payments, operations, and claims. Its solutions offer embedded insurance and healthcare use cases for customers with a focus on group health insurance.
“Almost 90 crore Indians are without health security in the country. Reflecting on what has worked for highly penetrated economies, group insurance has always been the primary driver for this penetration. India too can follow this path and we want to enable the entire insurance ecosystem with the right tools to distribute group insurance," said Sanil Basutkar, Co-founder and Chief Product Officer, at the company.
The company claims to have partnered with over 500 organisations, with a customer base of 150,000 users through its group benefits platform. Bharatsure is targeting to secure 10 million users in the next two years.
“Bharatsure's potential to establish a digital ecosystem catering to employers nationwide and facilitating the acquisition of diverse insurance products and healthcare services, positions it as a transformative force within the Indian Insurtech sector. This alignment with evolving market dynamics led us to invest in the company,” said Ankit Kedia, Founder and Lead Investor, Capital-A.
