Bengaluru-based Insurtech platform Pazcare raises $8.2 million led by Jafco Asia

Insurtech platform, Pazcare raised $8.2 million in Series A funding led by Jafco Asia. The round also saw participation from existing investors 3One4 Capital and BEENEXT.

Founded in 2021 by Manish Mishra and Sanchit Malik, Pazcare is a health insurance tech platform that lets its users design, administer, and manage their employee benefits program. The platform currently serves more than 1,30,000 members on the 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 and life insurance penetration will be employer-driven and we want to play an important role in providing world-class benefits to Indian employees," said Malik, who is also the Chief Executive Officer (CEO) of the company.

Pazcare has insured employees from over 500 companies, including Mindtickle, Mamaearth, Levi's, Cash Karo and Open Financial, among others. The company plans to onboard around 2,000 companies over the next few quarters. Over the coming years, Pazcare also aims to widen its offerings beyond healthcare and aspires be a one-stop-shop for all kinds of employee benefits.

"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. We are incredibly impressed by their growth so far and feel absolutely privileged to double down on their journey," said Anurag Ramadasan, Partner 3One4 Capital.

"B2B insurance is a large white space in Asia. Pazcare is well equipped to disrupt this space and the company's number speaks for itself. Pazcare can transform B2B insurance space in a very formidable way," said Supriya Singh, Head of South Asia Investments, Jafco Asia.

In October 2021, the Pazcare raised its seed round of $3.5 million in a co-led round by BEENEXT, 3One4 Capital, and several angel investors such as Haresh Chawla of True North, Ashish Hemrajani of Bookmyshow, Kunal Shah of Cred, and others. After this round, the total funding stands at around $12 million, informed the company.