Capital-A Leads $1 Million Funding Round for Insurtech Startup Bharatsure

• ByStartupStory     |    January 18, 2024

Insurtech startup Bharatsure has secured $1 million (approximately Rs 8.3 crore) in a funding round led by Capital-A, with participation from Grip Invest, existing investor Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle.

Previously, the Mumbai-based company had raised $1.2 million in February 2022, led by its existing investors.

Bharatsure plans to utilize the newly raised funds for product development, team expansion, and marketing, as stated in a press release by the company.

Founded in May 2021 by Anuj Parekh and Sanil Basutkar, Bharatsure offers Infrastructure-as-a-Service (IaaS) solutions to insurance distributors such as licensed brokers, agents, banks, and institutions, enabling them to efficiently distribute group insurance and healthcare. The company aims to improve insurance coverage across India.

According to Bharatsure, its services include comprehensive support for identifying insurance partners, product pricing, payments, operations, and claims. The infrastructure also supports embedded insurance and healthcare use cases, with a particular focus on group health insurance.

Bharatsure claims to have partnered with over 500 organizations, impacting the lives of more than 150,000 individuals through its group benefits platform. The company aims to secure the insurance of 1 crore Indians over the next two years.

In the insurtech space, Bharatsure competes with other major players such as Digit Insurance, PolicyBazaar, Acko General Insurance, OneAssist, and PolicyBoss, among others.

Follow Startup Story