- Insurance tech player Bharatsure has raised $1 million in a pre-series round led by early-stage VC fund Capital-A.
- The company plans to use the funds for product development, team expansion, and marketing.
Insurance tech startup Bharatsure has raised $1 million in a pre-series funding round led by venture capital fund Capital-A. Other participants in the round included Grip Invest, Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle. The company plans to use the funds raised to invest in product development, expand its team, and bolster its marketing efforts.
Bharatsure provides infrastructure-as-a-service solutions to insurance distributors, such as licensed brokers, agents, banks, and institutions. Its platform allows these distributors to distribute group insurance and healthcare more proactively and seamlessly. The company also offers embedded insurance and healthcare solutions for customers, with a particular focus on group health insurance.
Since its launch in May 2021, Bharatsure claims to have partnered with over 500 organizations, impacting more than 150,000 lives through its group benefits platform. The company aims to secure 1 crore (10 million) Indians in the next two years. To date, Bharatsure has raised a total of $2.2 million.
According to co-founder and CEO Anuj Parekh, the fresh funding will help the company make group insurance more accessible and affordable for organizations and groups across India. Co-founder and chief product officer Sanil Basutkar added that Bharatsure aims to enable the entire insurance ecosystem with the tools to distribute group insurance effectively.
Ankit Kedia, the founder and lead investor of Capital-A, expressed confidence in Bharatsure’s potential to establish a digital ecosystem that caters to employers nationwide and facilitates the acquisition of diverse insurance products and healthcare services. He sees the company as a transformative force within the Indian insurtech sector.