Insurtech startup Bharatsure has raised $1 (about 8.3 crore) million in a funding round led by Capital-A along with participation from Grip Invest, existing investor Inflection Point Ventures, Dexter Ventures, HEM Angels and We Founder Circle.
The Mumbai-based company had previously raised $1.2 million in February 2022 led by its existing investors.
The company plans to utilise the funds for product development, team expansion and marketing, Bharatsure said in a press release.
Co-founded in May 2021 by Anuj Parekh and Sanil Basutkar, Bharatsure provides Infrastructure-as-a-Service (IaaS) solutions to insurance distributors like licensed brokers, agents, banks, and institutions empowering them to proactively distribute group insurance and healthcare seamlessly. The company aims to enhance insurance coverage throughout India.
According to Bharatsure, its offerings also include holistic support for identifying insurance partners, product pricing, payments, operations, and claims. The infrastructure also powers embedded insurance and healthcare use cases for customers with an active focus on group health insurance.
Bharatsure claims to have partnered with over 500 organisations, impacting more than 150,000 lives through its group benefits platform aims to secure 1 crore Indians in the next two years.
The other leading players in this space are Digit Insurance, PolicyBazaar, Acko General Insurance, OneAssist, PolicyBoss amongst others.
