Insurtech startup Bharatsure has successfully raised $1 million in a recent funding round. The funding was led by Capital-A, with participation from Grip Invest, existing investor Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle.
Prior to this, in February 2022, the Mumbai-based company had raised $1.2 million in a funding round led by its existing investors.
Bharatsure plans to use the newly acquired funds for various purposes, including product development, team expansion, and marketing efforts, as stated in a press release.
Co-founded in May 2021 by Anuj Parekh and Sanil Basutkar, Bharatsure specializes in providing Infrastructure-as-a-Service (IaaS) solutions to insurance distributors such as licensed brokers, agents, banks, and institutions. The aim is to empower them in distributing group insurance and healthcare more efficiently.
Bharatsure's offerings extend beyond IaaS, covering support for identifying insurance partners, product pricing, payments, operations, and claims. The company's infrastructure is designed to support embedded insurance and healthcare use cases, with a specific focus on group health insurance.
The company claims to have established partnerships with over 500 organizations, impacting the lives of more than 150,000 individuals through its group benefits platform. Bharatsure has set a goal to secure coverage for 1 crore Indians within the next two years.
Bharatsure operates in the insurtech space, competing with other leading players such as Digit Insurance, PolicyBazaar, Acko General Insurance, OneAssist, and PolicyBoss. The company aims to contribute to enhancing insurance coverage throughout India.
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