Pazcare, a Bangalore-based worker advantages and insurtech platform, introduced right now it has raised $8.2 million led by Jafco Asia, bringing its valuation to $48 million. The funding additionally included participation from returning traders 3One4 Capital and BEENEXT.
Pazcare at present affords well being, time period and accident insurance coverage and outpatient well being advantages. It monetizes from service suppliers by commissions.
The startup says it at present serves greater than 130,000 members from over 500 corporations on its platform and has seen quarter-on-quarter progress of 100%. Its enterprise shoppers embody Mindtickle, Mamaearth, Levi’s, Money Karo and Open Monetary.
Pazcare’s final spherical of funding was a $3.5 million seed spherical raised in October 2021. It has now raised a complete of about $12 million since its founding in 2021 by Sanchit Malik and Manish Mishra. It goals to carry 2,000 extra corporations onto its platform over the subsequent few quarters.
Malik advised TechCrunch the brand new funding can be used to broaden Pazcare’s choices and double its staff dimension. He and Mishra needed to create Pazcare as a result of “well being and life insurance coverage penetration in India has been very low,” Malik advised TechCrunch. “In India, we’re on our personal, both we purchase insurance coverage by ourselves or we’re depending on our employers to offer these advantages. We imagine that insurance coverage penetration can be primarily employer-driven and this grew to become a giant set off for us to get into it.”
In a press release, Jafco Asia head of South Asia investments Supriya Singh stated, “B2B insurance coverage is a big white house in Asia. Pazcare is properly outfitted to disrupt this house and the corporate’s numbers converse for itself.”
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