Insurtech startup GramCover announced it has raised $7 million in a Series A funding round co-led by Siana Capital and Inflexor Ventures. Stride Ventures along with existing investors Omidyar Network India, Flourish Ventures and Emphasis Ventures (EMVC) also participated in the round.
GramCover specialises as an insurtech marketplace focused on rural India facilitating policy purchases across products like crop, motor, livestock, and health insurance.
The fresh capital will be used to strengthen the technology and product offerings and also scale up the business and support functions, the startup said in a media statement. GramCover said that it will also expand its point of sale network, tech, and operation teams across geographies. Unitus Capital acted as the financial advisor to the company on the transaction.
“We, at GramCover, will be strengthened by their deep-tech domain expertise and their startup experience as we work towards building a growth and profitability focussed rural insurtech organization,” said Dhyanesh Bhatt, cofounder and Group CEO.
“With a solid end to end deep technology platform in conjunction with a human-assisted local agency network, we feel GramCover is well-positioned to continue its high growth trajectory. Further, the business model helps achieve the twin objectives of profitable growth and providing livelihood risk protection to a large rural population of India,” said Dinesh Goel, partner, Siana Capital.
“We are pleased to co-lead the investment and partner with a stellar team of Jatin and Dhyanesh, with demonstrated capabilities of execution. We believe GramCover will play a pivotal role in radically transforming the insurance landscape of Bharat,” said Pratip Mazumdar, Partner at Inflexor Ventures.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.