Pazcare, a Bangalore-based employee benefits and insurtech platform, has raised $8.2 million, bringing its valuation to $48 million. 3 One4 Capital and BeenEXT participated in the funding.
Health, term, accident, and outpatient benefits are offered by Pazcare. Service providers make money from it.
The startup says it currently serves more than 130,000 members from over 500 companies on its platform. Mindtickle, Mamaearth, Levi's, Cash Karo, and Open Financial are among its enterprise clients.
The final round of funding was a seed round in October of 2021. Since its founding in 2021, it has raised about $12 million. Over the next few quarters, it wants to bring in 2,000 more companies.
The new funding will be used to double the team size at Pazcare, according to the man. The health and life insurance penetration in India has been very low. In India, we are either dependent on our employers to provide these benefits or we are on our own. We believe that insurance penetration will be primarily employer-driven and this is the reason why we got into it.
B2B insurance is a large white space in Asia. The company's numbers speak for themselves and Pazcare is well-equipped to disrupt this space.
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