Mumbai-based insurtech startup Bharatsure, known for its parent brand Healthysure, has raised $1 million in a funding round led by the early-stage venture capital fund Capital-A.
The funding round also saw participation from Grip Invest, Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle.
What is the purpose of fundraising?
According to the company's statement, the raised capital would be allocated towards product development, team expansion, and marketing efforts. The strategic investment is aimed at enhancing the company's reach and capabilities in the insurance sector.
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 democratize group insurance, making it accessible and affordable for organizations and groups across the country. We are excited to have the support and trust of our investors as we continue on our journey to revolutionize group insurance distribution in India."
Democratizing group insurance
Founded in May 2021 by Anuj Parekh and Sanil Basutkar, Bharatsure's mission is to democratize group insurance in India, making it accessible and affordable. The startup provides Infrastructure-as-a-Service (IaaS) solutions to insurance distributors such as licensed brokers, agents, banks, and institutions.
Its services facilitate the seamless distribution of group insurance and healthcare, including support in identifying insurance partners, product pricing, payments, operations, and claims management.
Bharatsure claims to have partnered with over 500 organizations, affecting more than 150,000 lives through its group benefits platform. The startup now aims to secure 1 crore Indians in the next two years.
Sanil Basutkar, Co-founder and Chief Product Officer of BharatSure, said, "Almost 90 crore Indians are without a 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."
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