Pazcare raises Rs 62 crore from JAS Fund in its Series A round of funding
- ByStartupStory | June 15, 2022
Pazcare, Bengaluru-based employee benefits and insurtech business, has secured Rs 62 crore ($8 million) from JAS Fund in its Series A round. Since October, the corporation has made a profit of $11.5 million. With Rs 26.6 crore, JAS Fund led the round, with previous investors 3One4 Capital and Beenext Asia contributing Rs 22.88 crore and Rs 11.45 crore, respectively. Haresh Chawla, Ashish Hemrajani, and Vaibhav Jain are among the individual investors who have put in Rs 1.29 crore.
JAS Fund now owns 7.65% of the company, while 3one4 Capital and Beenext Asia control 14.42% and 15.79%, respectively, following the round’s allocation. After Series A, Sanchit Malik and Manish Mishra’s holdings were diluted to 47.48%. In this round, Pazcare has valued at roughly Rs 370 crore, or $48 million (post-money).
According to Pazcare’s regulatory filings with the Registrar of Companies, the business has approved a special resolution to allot 3,755 series A CCPS at an issue price of Rs 165,705 per share to generate Rs 62 crore.
Employers (startups and SMEs) can purchase group health and term insurance policies with Pazcare. BEENEXT, 3one4 Capital, and other angel investors, including Kunal Shah, Aprameya R, Ashneer Grover, and others, led a seed round in which the 12-month-old firm raised $3.5 million (Rs 25 crore).
The country’s corporate health and wellness industry is now valued at over $7 billion and is expected to reach $18 billion by 2025. After Covid, the expansion of corporate insurance has multiplied. The Bengaluru-based firm competes primarily with Tiger Global-backed Plum, Nova Benefits, and OnSurity, to name a few.
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