Bharatsure, an Emerging Insurtech Start-up, Raises $1 Million in Funding Round
Bharatsure, an emerging Insurtech startup based in India, has recently secured $1 million in a funding round led by early-stage venture capital fund Capital-A. The round also saw contributions from Grip Invest and a group of existing investors. With this funding, Bharatsure aims to expand insurance accessibility across India, taking a significant step towards democratizing group insurance.
Democratizing Group Insurance to Make it More Attainable and Economical
Bharatsure’s co-founder and CEO, Anuj Parekh, believes that the funding received is a pivotal step towards their goal of democratizing group insurance and making it more accessible and affordable for organizations nationwide. This funding will enable Bharatsure to provide better insurance solutions to its customers and expand its market reach even further.
Specializing in Infrastructure-as-a-Service (IaaS) Solutions for Insurance Distributors
Founded in May 2021, Bharatsure specializes in providing Infrastructure-as-a-Service (IaaS) solutions to insurance distributors like licensed brokers, agents, banks, and institutions. The company’s comprehensive services include assistance in identifying insurance partners, product pricing, payment processing, operations, and claims management. With a particular focus on group health insurance, Bharatsure offers embedded insurance and healthcare use cases for its customers, aiming to empower the insurance ecosystem with the necessary tools for effective distribution.
Addressing the Dire Need for Health Security in India
Sanil Basutkar, Co-founder and Chief Product Officer of Bharatsure, emphasized the dire need for health security in India. With nearly 90 crore citizens lacking health security, group insurance can play a crucial role in providing essential coverage. Bharatsure seeks to empower the insurance ecosystem by offering innovative solutions that effectively distribute group insurance, thereby addressing a critical gap in the Indian market.
A Growing Customer Base and Ambitious Targets for the Future
Currently, Bharatsure has partnerships with over 500 organizations and serves a customer base of 150,000 users through its group benefits platform. The company’s ambitious target is to extend its services to 10 million users in the next two years, expanding its reach and impact significantly. With the recent funding round, Bharatsure is well-positioned to achieve its goals and make a lasting contribution to the Indian Insurtech sector.
A Game-Changer in the Indian Insurtech Sector
Ankit Kedia, Founder and Lead Investor of Capital-A, recognizes the strategic importance of investing in Bharatsure. He believes that the company’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. The combination of Bharatsure’s innovative solutions and the funding received will enable the company to create a significant impact in the industry and redefine insurance distribution in India.
Analyst comment
Positive news: Bharatsure, an emerging insurtech startup, has raised $1 million in funding to expand insurance accessibility in India. With partnerships with over 500 organizations and a goal to reach 10 million users in the next two years, Bharatsure is well-positioned to make a lasting contribution to the Indian insurtech sector. Analyst perspective: The funding will enable Bharatsure to enhance its insurance solutions and expand its market reach, solidifying its position as a game-changer in the Indian insurtech sector.
