Insure-tech startup Square Insurance has successfully raised $3 million (approximately Rs 25 crore) in a pre-Series A funding round co-led by BizDateUp and Negen Capital, with participation from notable investors such as Prashant Kothari and Yogesh Chaudhary.
Square Insurance plans to utilize the fresh funds to enhance its technology infrastructure, focusing on improving its AI-driven insure-tech platform and boosting customer experience, the company announced in a press release.
Founded in 2016 by Rakesh Kumar, Square Insurance is dedicated to offering insurance solutions that provide quality protection at value pricing. The company plans to invest in creating customized micro-insurance products through collaborations with leading insurers and forming strategic partnerships with fintech and e-commerce companies. These efforts aim to expand its reach and impact, transforming insurance accessibility in underserved markets.
The Jaipur-based company also plans to open 25-30 new offices in tier II and tier III cities, which will enable it to serve a larger customer base. This expansion is expected to improve insurance product comparisons and post-policy services for both channel partners and customers.
Market research indicates that the Indian insurance industry is growing at an impressive rate of 32-34% annually, with the sector attracting nearly Rs 54,000 crore ($6.5 billion) in foreign direct investment.
Square Insurance joins other notable startups in the insure-tech space, such as Turtlemint Insurance, Riskcovry, Coverfox, Toffee Insurance, and Digit Insurance, as it continues to innovate and expand its offerings.
