Pazcare, an employee benefits and insurtech platform has raised $8.2 million in Series A funding round from JAFCO Asia.
Existing investors 3One4 Capital and BEENEXT also participated in this round.
The company plans to use the funds to strengthen and expand its product line. With this funding round, the startup stands at a valuation of $48 million. Through this round, Pazcare has raised $12 million in funding so far.
Bengaluru-based Pazcare was founded in 2020 by Manish Mishra and Sanchit Malik, It helps employers to manage multiple insurance plans for employees.
It claims to serve over 130,000 members on this platform.
“India as an economy is going through one of the most exciting times. Insurance as a market is going to see leapfrog growth in the current decade. We believe health & life insurance penetration will be employer-driven and we want to play an important role in providing world-class benefits to Indian employees”, said, Sanchit Malik, CEO and Co-founder of Pazcare.
It has clients from D2C companies, including Mindtickle, Mamaearth, Levi’s, CashKaro, and among others.
Pazcare aims to expand its offerings beyond healthcare and become a one-stop platform for all types of employee benefits.
“B2B (business-to-business) insurance is a large white space in Asia. Pazcare is well equipped to disrupt this space and the company’s number speaks for itself. Sanchit in particular is a very trusted and visionary CEO and seasoned founder. Pazcare can transform B2B insurance space in a very formidable way,” said, Supriya Singh, Head of South Asia Investments, JAFCO Asia.
“Sanchit and Manish have shown an incredible vision in terms of how they expect the employee benefits space to scale up and built an amazing position for themselves within it”, said, Anurag Ramadasan, Partner 3One4 Capital.
In October 2021, Pazcare had raised $3.5 million in its seed funding round led byBEENEXT, 3One4 Capital, and other angel investors.
Employee Insurance & Benefits for the modern Indian workforce.