BEENEXT and 3one4 Capital lead $3.5 Mn seed round in PazCare

PazCare, an employee benefits and insurtech platform, has raised $3.5 million in its seed round led by BEENEXT and 3one4 Capital.

A clutch of investors such as Kunal Shah, Ashneer Grover, Aprameya R, ZishaanHayath and existing backers such as Ashish Hemrajini and Haresh Chawla among others have also participated.

According to the Bengaluru-based startup, the fresh capital will be used in expanding its customer base across new categories, in product development and hiring across all functions.

Founded by Sanchit Malik and Manish Mishra, Pazcare provides employers and their employees with flexible and personalised benefits, thereby transforming the employer-employee relationship at scale. It offers benefits and insurance management, mental health solutions, virtual doctor consultations and comprehensive blood tests.

Within a span of seven months, Pazcare claims to have achieved upward growth and has already partnered with over 150 employers, including Betterplace, Vedantu, WazirX, Payback, Mamaearth, and Toppr among others.

The startup has over 80,000 users currently. It plans to onboard over 500 corporates over the upcoming two quarters.