Mumbai, 18th January: Bharatsure, the parent brand of Healthysure, has raised $1M in a funding round led by early-stage VC fund Capital-A. The round also saw participation from Grip Invest and existing backers Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle. 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.
Their offerings also include holistic support for identifying insurance partners, product pricing, payments, operations, and claims. The infrastructure also powers embedded insurance and healthcare uses cases for customers with an active focus on group health insurance.
Expressing his gratitude for Capital A’s support, Bharatsure’s Co-founder and CEO, Anuj Parekh, stated, “This funding round marks a significant milestone for Bharatsure. This fresh capital injection will further fuel our mission to democratize group insurance, making it accessible and affordable for organizations and groups across the country. We are excited to have the support and trust of our investors as we continue on our journey to revolutionize group insurance distribution in India.”
With an impactful integration of holistic services, and technologies, Bharatsure is aiming to significantly enhance insurance coverage throughout India, and pave the path for a financially assured future for the masses. This vision is in sync with Capital A, the lead participant in the latest funding round as Capital A has been extensively focusing on supporting the growth of Indian startups that leverage cutting-edge technologies in BFSI sector to solve problems at scale.
Sanil Basutkar, Co-founder and Chief Product Officer, added, “Almost 90 crore Indians are without a health security in the country. Reflecting on what has worked for highly penetrated economies, group insurance has always been the primary driver for this penetration. India too can follow this path and we want to enable the entire insurance ecosystem with the right tools to distribute group insurance.”
Ankit Kedia, Founder & Lead Investor, Capital A, shares “Bharatsure’s potential to establish a digital ecosystem catering to employers nationwide and facilitating the acquisition of diverse insurance products and healthcare services, positions it as a transformative force within the Indian Insurtech sector. This alignment with evolving market dynamics led us to invest in the company. We have immense confidence in their ability to revolutionize the insurtech landscape.”
Since its launch in May 2021, Bharatsure has partnered with over 500 organizations, impacting more than 150,000 lives through its group benefits platform. They are targeting to secure 1 Crore Indians in the next 2 years. Recently, the company had raised funding of $1.2M in February 2022 and the company also gained recognition as one of the country’s top six startups on CNBC TV-18’s Leap to Unicorn show.
Devendra Agrawal, Founder, Dexter Ventures quotes, “We had backed them in the previous round and doubled down on our investment in the current round. In Anuj, Sanil and their team, we find great hustlers and glad to be a part of their growth journey, as they contribute towards Insurance penetration across India viz a viz Group Insurance and SaaS platform. Coincidentally, we have been availing their services for our entire team and their family members since 2021.”