GramCover raises $7M in Series A funding
Insurtech startup GramCover announced that it has raised $7 million in Series A funding in a round co-led by Siana Capital and Inflexor Ventures. The round also saw participation from Stride Ventures, Omidyar Network India, Flourish Ventures and Emphasis Ventures.
Pratip Mazumdar, partner at Inflexor Ventures commented, “We are pleased to co-lead the investment and partner with a stellar team of Jatin and Dhyanesh, with demonstrated capabilities of execution. We believe GramCover will play a pivotal role in radically transforming the insurance landscape of Bharat.”
GramCover is set to use the capital raised to expand its point of sale network, current technology, and operation teams. It is also looking to expand its area of operations to cover more parts of the country.
The startup functions as a facilitator of policy purchases across products like crop, motor, livestock, and health insurance in rural India. The firm has claimed to have sold insurance covers worth Rs. 110 crore in premiums. It aims to insure over 10 million farmers in the next few years.
“We, at GramCover, will be strengthened by their deep-tech domain expertise and their startup experience as we work towards building a growth and profitability focussed rural insurtech organization,” commented co-founder and group CEO Dhyanesh Bhatt.
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