In a funding round headed by Capital-A and including participation from Grip Invest, current investors Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle, insurtech startup Bharatsure has raised $1 million, or roughly 8.3 crores.
Before this, in February 2022, the Mumbai-based business raised $1.2 million, mostly from its current investors.
According to a press release from Bharatsure, the company intends to use the money for marketing, team growth, and product development.
Anuj Parekh and Sanil Basutkar co-founded Bharatsure in May 2021. It offers Infrastructure-as-a-Service (IaaS) solutions to insurance distributors, enabling them to proactively and smoothly distribute group insurance and healthcare to agents, banks, and other licensed brokers. The company wants to improve insurance in India as a whole.
Bharatsure claims that among its services are comprehensive assistance in finding insurance partners as well as assistance with product pricing, payments, operations, and claims handling. With a strong emphasis on group health insurance, the infrastructure also supports embedded insurance and healthcare use cases for clients.
With its group benefits platform, Bharatsure claims to have partnered with over 500 organizations, affecting over 150,000 lives. In the next two years, the company hopes to secure the rights of 1 crore Indians.
Among the other top competitors in this market are Digit Insurance, PolicyBazaar, OneAssist, Acko General Insurance, and PolicyBoss.
