Prominent investors like Yogesh Chaudhary and Prashant Kothari have invested $3 million (about Rs 25 crore) in Square Insurance, an insure-tech startup, in a pre-Series A round co-led by BizDateUp and Negen Capital.
Square Insurance stated in a press release that it will use the additional funding to improve customer experience, concentrate on enhancing its AI-driven insure-tech platform, and upgrade its technological infrastructure.
Square Insurance was established in 2016 by Rakesh Kumar with the goal of structuring insurance solutions that offer premium protection at a reasonable cost. The company intends to allocate resources towards developing tailored micro-insurance products in association with top insurers and establishing tactical alliances with fintech and e-commerce enterprises. These initiatives will change insurance accessibility in underserved markets by broadening its influence and reach.
In order to expand its customer base, the Jaipur-based company says it plans to open 25–30 new offices in tier II and tier III cities. The company claims that the expansion will benefit customers and channel partners by enhancing post-policy services and insurance product comparisons.
The Indian insurance industry is expanding at a remarkable rate of 32–34% per year, according to market research, and it has drawn close to Rs 54,000 crore ($6.5 billion) in foreign direct investment.
Toffee Insurance, Coverfox, Turtlemint Insurance, Riskcovry, Digit Insurance, and other noteworthy startups are also in this market.
