Square Insurance raises $3M in pre-Series A funding round.

TLDR:

• Square Insurance secures $3 million in pre-Series A round.
• Co-led by BizDateUp and Negen Capital with participation from Prashant Kothari and Yogesh Chaudhary.

Square Insurance, an insure-tech startup, has recently raised $3 million in a pre-Series A round co-led by BizDateUp and Negen Capital, with prominent investors such as Prashant Kothari and Yogesh Chaudhary also participating. The company, founded in 2016 by Rakesh Kumar, aims to enhance its technology infrastructure, focus on AI-driven platforms, and improve customer experience with the fresh funds. Square Insurance plans to invest in creating custom micro-insurance products in collaboration with insurers and establish partnerships with fintech and e-commerce companies to expand its reach. The company also intends to open new offices in tier II and III cities to serve a larger customer base and improve insurance product comparisons. The Indian insurance industry is growing at a rate of 32-34% annually, attracting substantial investments, with notable startups in the space including Turtlemint Insurance, Riskcovry, Coverfox, and others.