Pazcare, a Bangalore-based worker advantages and insurtech platform, introduced as we speak 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 gives well being, time period, accident insurance coverage and outpatient well being advantages. It monetizes from service suppliers via 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 purchasers embrace 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 deliver 2,000 extra corporations onto its platform over the following few quarters.
Malik advised Nob6 that the brand new funding might be used to increase Pazcare’s choices and double its crew dimension. He and Mishra wished to create Pazcare as a result of “well being and life insurance coverage penetration in India has been very low,” Malik advised Nob6. “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 consider that insurance coverage penetration might be primarily employer-driven and this grew to become an enormous set off for us to get into it.”
In an announcement, Jafco Asia head of South Asia investments Supriya Singh stated, “B2B insurance coverage is a big white area in Asia. Pazcare is effectively outfitted to disrupt this area and the corporate’s numbers communicate for itself.”