Bharatsure, an emerging Insurtech startup based in India, has reportedly raised $1 million in a funding round anchored by early-stage venture capital fund Capital-A.
The round also saw contributions from Grip Invest and a cohort of existing investors, including Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle. This fundraising follows a previous $1.2 million round in February 2022, which also garnered support from its current investors.
Anuj Parekh, co-founder and CEO of Bharatsure, expressed the company’s intent to utilize the fresh capital to broaden insurance accessibility across India.
“This funding is a pivotal step towards our goal of democratizing group insurance and making it more attainable and economical for organizations nationwide,” Parekh stated.
Founded in May 2021, Bharatsure specializes in providing Infrastructure-as-a-Service (IaaS) solutions to insurance distributors such as licensed brokers, agents, banks, and institutions.
The company’s services include assistance in identifying insurance partners, product pricing, payment processing, operations, and claims management. Focusing particularly on group health insurance, Bharatsure offers solutions that encompass embedded insurance and healthcare use cases for its customers.
Sanil Basutkar, Co-founder and Chief Product Officer of Bharatsure, highlighted the dire need for health security in India.
“With nearly 90 crore citizens lacking health security, India can significantly benefit from group insurance, a key driver in other highly insured economies. We aim to empower the insurance ecosystem with the necessary tools to effectively distribute group insurance,” Basutkar remarked.
Currently, Bharatsure boasts partnerships with over 500 organizations and serves a customer base of 150,000 users through its group benefits platform. The company has set an ambitious target to extend its services to 10 million users in the next two years.
Ankit Kedia, Founder and Lead Investor of Capital-A, underscored the strategic importance of investing in the insurtech startup, saying Bharatsure’s “potential to establish a digital ecosystem for employers across India”, offering a wide range of insurance products and healthcare services, positions it as a possible game-changer in the Indian Insurtech sector.