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Jaipur-based insurtech startup Square Insurance raises $3 million

Inshorts · 11m ago

Jaipur-based insurtech startup Square Insurance raises $3 million

Square Insurance has raised $3 million in a pre-Series A funding round led by Negen Capital and Bizdateup. The round also saw participation from notable investors, including Yogesh Chaudhary, Founder of Warmup Ventures and Owner of Jaipur Rugs, and Prashant Kothari, Owner of Jaipur Stones. The startup offers comprehensive life and general insurance services across 20 states in India.

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Insurtech Startup Square Insurance Pockets $3 Mn From BizDateUp, Others

Inc42 · 11m ago

Insurtech Startup Square Insurance Pockets $3 Mn From BizDateUp, Others

Jaipur-based company Square Insurance has secured funding to strengthen its AI-based insurance platform. The funds will be used to develop a technology stack for cattle insurance and create customized micro-insurance products. With a focus on rural areas where insurance protection is essential, the company aims to expand its offerings and enter new markets. Founded in 2017, Square Insurance provides life and general insurance services across 20 states, boasting a network of over 25,000 channel partners and a team of over 350 employees.

Insurtech startup Square Insurance raises $1M led by Recur Club

IndianStartupNews

IndianStartupNews · 1y ago

Insurtech startup Square Insurance raises $1M led by Recur Club

Jaipur's Square Insurance has raised $1 million in funding led by Recur Club. The startup plans to enhance its tech infrastructure, open new offices, and launch marketing initiatives. Authorized by IRDA, Square Insurance specializes in transparent risk management, offering various insurance types. The platform uses algorithms for personalized recommendations.

Square Insurance secures $3 Mn in pre-Series A round

Entrackr

Entrackr · 11m ago

Square Insurance secures $3 Mn in pre-Series A round

Insure-tech startup Square Insurance has secured $3 million (Rs 25 crore) in a pre-Series A round co-led by BizDateUp and Negen Capital along with participation from prominent investors such as Prashant Kothari, and Yogesh Chaudhary. The fresh funds will be utilised to enhance its technology infrastructure, focus on improving AI-driven insure-tech platform and enhance the customer experience, Square Insurance said in a press release. Founded in 2016 by Rakesh Kumar, Square Insurance aims to structure insurance solutions which provide quality protection with value pricing. It plans to invest in creating customised micro-insurance products in collaboration with leading insurers and forming strategic partnerships with fintech and e-commerce companies. These efforts will expand its reach and impact, transforming insurance accessibility in underserved markets. According to the Jaipur-based company, it intends to open 25-30 new offices in tier II and tier III cities, enhancing its ability to serve a larger customer base. As per the company, the expansion will improve insurance product comparisons and post-policy services for both channel partners and customers. According to market research, the Indian insurance industry is growing at an impressive rate of 32-34% annually and the sector has attracted nearly Rs 54,000 crore ($6.5 billion) in foreign direct investment. The other notable startups in this space are Turtlemint Insurance, Riskcovry, Coverfox, Toffee Insurance, Digit Insurance and others.

Insurtech startup Bharatsure raises $1M to democratize group insurance in India

IndianStartupNews

IndianStartupNews · 1y ago

Insurtech startup Bharatsure raises $1M to democratize group insurance in India

Mumbai-based insurtech startup Bharatsure has raised $1 million in a funding round led by Capital-A. The funds will be used for product development, team expansion, and marketing efforts. Bharatsure aims to democratize group insurance in India by providing Infrastructure-as-a-Service solutions to insurance distributors like brokers, agents, and banks. The startup has already partnered with over 500 organizations and aims to secure coverage for 10 million Indians in the next two years.

Plum expands into personal insurance sector, to invest $6M over two years

YourStory

YourStory · 4m ago

Plum expands into personal insurance sector, to invest $6M over two years

Insurtech startup Plum plans a $6 million investment over two years to expand into personal insurance, aiming to cover 10 million individuals by 2030. The Bengaluru-based company, known for transforming corporate health insurance, appointed Atul Mishra as head of personal insurance. Plum seeks to address the gap in coverage for over 400 million Indians by offering transparent, affordable options. Already facilitating $120 million in premium through corporate insurance, Plum will integrate personal insurance into its existing mobile platform.

Indemn Raises $1.9M in Pre-Seed Funding

Finsmes · 1y ago

Indemn Raises $1.9M in Pre-Seed Funding

Insurtech provider Indemn has secured $1.9 million in Pre-Seed funding led by Markd. The New York-based company plans to use the investment to further develop its AI-powered conversational insurance platform. Indemn's platform utilizes Large Language Models to support all aspects of digital insurance, including quoting and purchasing, while providing a seamless customer experience. CEO Kyle Geoghan expressed excitement about the funding, stating that it will help Indemn continue building a solution to transform the insurance acquisition experience.

InsuranceDekho raises $60 million in ongoing Series B funding round

Money Control

Money Control · 1y ago

InsuranceDekho raises $60 million in ongoing Series B funding round

Insurtech startup, InsuranceDekho, has raised $60 million in a Series B funding round from investors including Mitsubishi UFJ Financial Group and BNP Paribas Cardif's insurtech fund. The new round brings the company's valuation to over $500 million. The funds will be used to enhance marketing efforts, expand distribution, develop its tech platform, and explore growth opportunities. InsuranceDekho aims to make insurance more accessible in India and plans to achieve a premium of Rs 3,600 crores this financial year, whilst targeting 200,000 agent partners by March 2024.

BimaPay Nets $2 Mn To Offer Tech-Based Insurance Solutions

Inc42 · 1y ago

BimaPay Nets $2 Mn To Offer Tech-Based Insurance Solutions

Insurtech startup BimaPay has raised $2 million in a funding round led by LC Nueva Investment Partners. The funds will be used to expand the startup's presence in the financial inclusion and insurance space through the use of technology. BimaPay offers digital lending solutions, including insurance premium financing, to increase affordability and accessibility in the insurance sector. The startup aims to penetrate underserved markets and promote insurance penetration in India. The insurtech market in India is projected to reach over $304 billion by 2030, according to a report by Inc42.

MediConCen Raises USD 6.85M in Series A Funding

Finsmes · 1y ago

MediConCen Raises USD 6.85M in Series A Funding

Hong Kong-based insurtech company MediConCen has raised $6.85 million in a Series A funding round led by HSBC Asset Management. The company automates insurance claims using AI and blockchain technology and will use the funds to accelerate its growth in international markets, including the Middle East and Southeast Asia. MediConCen aims to revolutionize the insurance claim experience by delivering digital and AI-assisted solutions. It currently serves over 16 insurers and one million insured individuals with its cashless claim platform.

The Carevoice raises $10M Series B, bucking the funding slowdown in health tech

TechCrunch · 1y ago

The Carevoice raises $10M Series B, bucking the funding slowdown in health tech

Insurtech start-up, The Carevoice, has raised $10m in a series B funding round led by Apis Insurtech Fund I. The Shanghai-based embedded insurance solution provider plans to use the funding to expand its partnerships with insurers globally and invest in its operating system for insurers, CareVoiceOS. The Carevoice offers embedded insurance solutions, helping third-party companies integrate insurance products into their customer experiences. The latest funding brings the company’s total capital raised to around $20m. Despite a slowdown in venture investment, The Carevoice doubled its revenues in 2023 and is set to achieve $10m in revenues this year.

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