Bharatsure, a Mumbai-based Insurtech startup specialising in Infrastructure-as-a-Service (IaaS) solutions, has secured $1m in its latest funding round.
This latest tranche was led by Capital-A and also featured participation from Grip Invest, along with contributions from existing investors Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle, according to InsurTech Insights.
The newly acquired funds have been earmarked for product development, team expansion, and extensive marketing efforts.
Bharatsure’s offerings extend beyond IaaS solutions, providing robust support for insurance partner identification, product pricing, payments, operations, and claims processing. The infrastructure also facilitates embedded insurance and healthcare use cases, with a specific focus on group health insurance.
This financial injection follows Bharatsure’s earlier funding round in February 2022, where it raised $1.2m, predominantly led by existing investors.
Bharatsure’s co-founder and CEO, Anuj Parekh, said, “This funding round marks a significant milestone for Bharatsure. 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. We are excited to have the support and trust of our investors as we continue on our journey to revolutionise group insurance distribution in India.”
Sanil Basutkar, co-founder and Chief Product Officer, added, “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.”
Ankit Kedia, Founder & Lead Investor, Capital A, commented, “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. We have immense confidence in their ability to revolutionise the InsurTech landscape.”
Devendra Agrawal, Founder, Dexter Ventures, stated, “We had backed them in the previous round and doubled down on our investment in the current round. In Anuj, Sanil and their team, we find great hustlers and glad to be a part of their growth journey, as they contribute towards Insurance penetration across India viz a viz Group Insurance and SaaS platform. Coincidentally, we have been availing their services for our entire team and their family members since 2021.”
To read the latest breaking InsurTech stories as they happen visit www.insurtechanalyst.com
Copyright © 2024 InsurTech Analyst
