Square Insurance Raises $1 Million in Funding Round Led by Recur Club
- ByStartupStory | August 21, 2023
Jaipur-based startup Square Insurance has secured $1 million (Rs 8.3 crore) in a recent funding round backed by revenue-based financier Recur Club. The funds acquired will be channeled into enhancing the startup’s technological infrastructure, expanding its operations, and launching impactful marketing and advertising initiatives.
This financial infusion from Recur Club adds Square Insurance to the growing roster of startups benefiting from the financier’s support in recent months. In a preceding funding round, Buyofuel, an online marketplace specializing in biofuel-based products, garnered $550,000 from the revenue-based financier. Similarly, SaaS startup ShipEase also received $550,000 from Recur Club in a funding round just weeks prior.
Rakesh Kumar, the founder and managing director of Square Insurance, shared the startup’s approach to addressing a gap in the Indian insurance market. “With limited access to insurance solutions in India, consumers struggled to identify the optimal policy. To address this, we focused on developing a personalized insurance platform that uses algorithms and data analytics to provide tailored recommendations,” Kumar stated.
The fresh funding secured from Recur Club bolsters Square Insurance’s mission to provide personalized insurance solutions through innovative technology, paving the way for improved access to optimal insurance policies for consumers in India.
Square Insurance Brokers Private Limited, a Company based in Rajasthan, operates as a Direct Insurance Broker authorized by IRDA under the Insurance Brokers Regulations of 2002. Established in April 2017, the company specializes in providing essential risk management through insurance services. With a strong commitment to addressing the disparity between customers’ insurance needs and their actual coverage, Square Insurance ensures a comprehensive and transparent approach, striving to deliver reliable and timely solutions that meet customer expectations.
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