Bharatsure, an rising Insurtech startup primarily based in India, has reportedly raised $1 million in a funding spherical anchored by early-stage enterprise capital fund Capital-A.
The spherical additionally noticed contributions from Grip Make investments and a cohort of present traders, together with Inflection Level Ventures, Dexter Ventures, HEM Angels, and We Founder Circle. This fundraising follows a earlier $1.2 million spherical in February 2022, which additionally garnered help from its present traders.
Anuj Parekh, co-founder and CEO of Bharatsure, expressed the corporate’s intent to make the most of the contemporary capital to broaden insurance coverage accessibility throughout India.
“This funding is a pivotal step in the direction of our purpose of democratizing group insurance coverage and making it extra attainable and economical for organizations nationwide,” Parekh said.
Based in Might 2021, Bharatsure makes a speciality of offering Infrastructure-as-a-Service (IaaS) options to insurance coverage distributors akin to licensed brokers, brokers, banks, and establishments.
The corporate’s providers embrace help in figuring out insurance coverage companions, product pricing, cost processing, operations, and claims administration. Focusing notably on group medical insurance, Bharatsure provides options that embody embedded insurance coverage and healthcare use instances for its clients.
Sanil Basutkar, Co-founder and Chief Product Officer of Bharatsure, highlighted the dire want for well being safety in India.
“With almost 90 crore residents missing well being safety, India can considerably profit from group insurance coverage, a key driver in different extremely insured economies. We intention to empower the insurance coverage ecosystem with the mandatory instruments to successfully distribute group insurance coverage,” Basutkar remarked.
Presently, Bharatsure boasts partnerships with over 500 organizations and serves a buyer base of 150,000 customers by its group advantages platform. The corporate has set an formidable goal to increase its providers to 10 million customers within the subsequent two years.
Ankit Kedia, Founder and Lead Investor of Capital-A, underscored the strategic significance of investing within the insurtech startup, saying Bharatsure’s “potential to determine a digital ecosystem for employers throughout India”, providing a variety of insurance coverage merchandise and healthcare providers, positions it as a potential game-changer within the Indian Insurtech sector.
