Bangalore-based Pazcare, an worker advantages and insurtech platform, raises $8.2M – TechCrunch

Pazcare, a Bangalore-based worker advantages and insurtech platform, introduced at present it has raised $8.2 million led by Jafco Asia, bringing its valuation to $48 million. The funding additionally included participation from returning buyers 3One4 Capital and BEENEXT.

Pazcare at present presents well being, time period, accident insurance coverage and outpatient well being advantages. It monetizes from service suppliers by commissions.

The startup says it at present serves greater than 130,000 members from over 500 corporations on its platform and has seen quarter-on-quarter progress of 100%. Its enterprise shoppers embody Mindtickle, Mamaearth, Levi’s, Money Karo and Open Monetary.

Pazcare’s final spherical of funding was a $3.5 million seed spherical raised in October 2021. It has now raised a complete of about $12 million since its founding in 2021 by Sanchit Malik and Manish Mishra. It goals to deliver 2,000 extra corporations onto its platform over the subsequent few quarters.

Malik advised TechCrunch that the brand new funding might be used to develop Pazcare’s choices and double its crew measurement. He and Mishra wished to create Pazcare as a result of “well being and life insurance coverage penetration in India has been very low,” Malik advised TechCrunch. “In India, we’re on our personal, both we purchase insurance coverage by ourselves or we’re depending on our employers to offer these advantages. We imagine that insurance coverage penetration might be primarily employer-driven and this turned a giant set off for us to get into it.”

In an announcement, Jafco Asia head of South Asia investments Supriya Singh stated, “B2B insurance coverage is a big white area in Asia. Pazcare is properly geared up to disrupt this area and the corporate’s numbers communicate for itself.”

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