GramCover, a rural insurtech startup, has raised $7 million in its Series A round co-led by Siana Capital and Inflexor Ventures. Stride Ventures along with existing backers Omidyar Network India, Flourish Ventures and Emphasis Ventures (EMVC) have also joined the new round.
According to the Noida-based startup, the funds will be used to strengthen its technology and product offerings, to enhance its availability of various insurance products and services on its partner application while expanding its point-of-sale network, technology, sales and operation teams.
Founded by Jatin Singh, GramCover is a tech-enabled insurance marketplace focused on rural India. It has adopted a unique technology-led distribution and servicing model for rural customers, minimizing the inefficiencies and transaction costs involved in protecting people’s assets and families.
The company claims that it reduces costs and increases penetration in rural areas by leveraging technology and an innovative distribution approach. In fiscal year 2020-2021, GramCover has worked with more than 1.7 million rural customers providing insurance across products like crop, motor, livestock and health.