In a recent development, insurtech startup Bharatsure has successfully raised $1 million in a funding round spearheaded by Capital-A. This round also saw participation from Grip Invest, existing investors Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle.
Based in Mumbai, Bharatsure had previously garnered $1.2 million in funding in February 2022, primarily led by its existing pool of investors as outlined in the company’s official press release; the newly acquired funds are earmarked for strategic initiatives such as product development, team expansion, and targeted marketing efforts.
Established in May 2021 by Anuj Parekh and Sanil Basutkar, Bharatsure offers Infrastructure-as-a-Service (IaaS) solutions tailored for insurance distributors. This includes licensed brokers, agents, banks, and institutions, providing them with the tools to distribute group insurance and healthcare solutions seamlessly. The company’s overarching goal is to elevate the accessibility of insurance coverage across India.
Bharatsure asserts that its comprehensive offerings encompass crucial support functions such as identifying insurance partners, product pricing, payments, operations, and claims processing. The versatile infrastructure also facilitates embedded insurance and healthcare use cases, with a particular emphasis on group health insurance.
With partnerships established with over 500 organizations, Bharatsure claims to have positively impacted more than 150,000 lives through its group benefits platform. The company aims to secure coverage for one crore Indians within two years.
Among the key players in this dynamic insurtech landscape are Digit Insurance, PolicyBazaar, Acko General Insurance, OneAssist, and PolicyBoss, all contributing to the ongoing evolution of the insurance sector.
