GramCover Insurance Brokers Pvt. Ltd, a Noida-based tech-enabled insurance marketplace for rural India, announced that it has raised pre- Series A funding from new and existing investors. The details of funding remain undisclosed.
Investors that took part in the funding round include EMVC, a US-based boutique strategic venture firm focused on early-stage fintech and insure-tech, and Omidyar Network India, an impact investment firm, GramCover said in a statement.
Flourish, an evergreen early-stage venture firm spun out of Omidyar also pooled in the capital. Existing investor Omnivore also participated in this funding round, it added.
GramCover was founded in 2016 by Jatin Singh, Nalin Rawal, Neelam Kumar Gupta, Rishabh Garg and Rishi Raj Vashisht.
Jatin Singh, the co-founder at GramCover, said that India’s farmers and rural communities are massively under-insured, and the startup is working to design and distribute innovative insurance products to meet their needs.
“Our vision is to cater to 5 million rural consumers in the next two years,” he added.
Noida-based GramCover is creating an ecosystem for the delivery of insurance products including crop, livestock, health, motor, life, and asset insurance that address the needs of rural India.
The company focuses on development and brokerage of rural insurance products to farmers. It aims to reduce costs and increase penetration in rural areas by leveraging technology and innovative distribution approach.
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