The funding initiative also witnessed the active participation of Grip Invest, along with contributions from existing investor Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle.
This latest financial injection comes after Bharatsure’s earlier funding round in February 2022, where the company raised $1.2 million, predominantly led by its existing investors.
co-founded in May 2021 by Anuj Parekh and Sanil Basutkar, Bharatsure’s distributors include licensed brokers, agents, banks, and institutions, enabling them to efficiently distribute group insurance and healthcare services. The primary objective of Bharatsure is to bolster insurance coverage across India.
The newly acquired funds will be used for product development, team expansion, and extensive marketing efforts, as disclosed in an official press release.
The startup’s comprehensive offerings extend beyond mere IaaS solutions. Bharatsure provides robust support for insurance partner identification, product pricing, payments, operations, and claims processing. The infrastructure also facilitates embedded insurance and healthcare use cases, with a specific focus on group health insurance.
Bharatsure’s scaling strategy
Bharatsure’s Co-founder and CEO, Anuj Parekh, stated, “This funding round marks a significant milestone for Bharatsure. This fresh capital injection will further fuel our mission to democratise group insurance, making it accessible and affordable for organisations and groups across the country. We are excited to have the support and trust of our investors as we continue on our journey to revolutionize group insurance distribution in India.”
Sanil Basutkar, Co-founder and Chief Product Officer, also commented, saying: “Almost 90 crore Indians are without health security in the country. Reflecting on what has worked for highly penetrated economies, group insurance has always been the primary driver for this penetration. India too can follow this path and we want to enable the entire insurance ecosystem with the right tools to distribute group insurance.”
Ankit Kedia, Founder & Lead Investor, Capital A, said: “Bharatsure’s potential to establish a digital ecosystem catering to employers nationwide and facilitating the acquisition of diverse insurance products and healthcare services, positions it as a transformative force within the Indian Insurtech sector. This alignment with evolving market dynamics led us to invest in the company. We have immense confidence in their ability to revolutionize the insurtech landscape.”
Devendra Agrawal, Founder, Dexter Ventures added, “We had backed them in the previous round and doubled down on our investment in the current round. In Anuj, Sanil and their team, we find great hustlers and glad to be a part of their growth journey, as they contribute towards Insurance penetration across India viz a viz Group Insurance and SaaS platform. Coincidentally, we have been availing their services for our entire team and their family members since 2021.”
Claiming to have established partnerships with over 500 organisations, Bharatsure has positively impacted more than 150,000 lives through its group benefits platform.
