Employee Benefits And Insurtech Platform Pazcare Raises $3.5 Mn Seed Round Led By BEENEXT And 3one4 Capital
Funds will help propel their growth among new categories of customers, accelerating product development and hiring across all functions
Employee benefits and insurtech platform Pazcare on Wednesday announced that it raised $3.5 million as part of its seed round led by BEENEXT, along with 3one4 Capital, and other investors. The round also witnessed the participation of angel investors, including Kunal Shah (CRED), Ashneer Grover (BharatPe), Aprameya R (Koo), ZishaanHayath (Toppr), and existing investors Ashish Hemrajani (BookMyShow) and Haresh Chawla (True North), among other investors.
For Pazcare, which is growing 100 per cent month-on-month, these funds will help propel their growth among new categories of customers, accelerating product development and hiring across all functions.
“Through our world-class tech platform, we are trying to create a real-time user experience, which makes it extremely easy for the employer as well as the employee in personalizing and managing their benefits. Over the next three years, we aim to be a leading full-stack employee benefits marketplace and platform that touches the lives of over 3 million employees,” said Sanchit Malik, co-founder, and chief executive officer, Pazcare.
Founded in 2020 by Sanchit Malik and Manish Mishra in Bengaluru, Pazcare is redefining the way employee benefits are managed in India. It enables real-time management of employee benefits and streamlines them in one place.
"We are glad to collaborate with Sanchit and Manish, second-time founders who are disrupting the fragmented employee benefits space in India in terms of ease of use. We are excited to partner with Pazcare and its global applicability as they demonstrate success with their customers with high NPS," shared Dirk Van Quaquebeke, managing partner, BEENEXT.
India has over 1 million employers looking to provide benefits such as group term life insurance, health insurance, doctor consultations, accident coverage, and other health and financial benefits to their more than 100 million employees. The employee benefits market in the country is a multi-billion-dollar industry growing 18 per cent year-on-year. Most employers in the ecosystem are looking for a novel solution to reform legacy issues pertaining to policy and claims management and having to liaise with multiple vendors.
“Sanchit and Manish have a very product-led, unique take on how employee benefits need to be managed and delivered. They have shown amazing vision and product execution so far and we are incredibly excited to partner with them on their growth journey as they scale up this platform,” added Anurag Ramdasan, partner, 3one4 Capital.
Within a span of just seven months, Pazcare has achieved significant growth and has already partnered with over 150 employers, including Betterplace, Vedantu, WazirX, Payback, Mamaearth, and Toppr, etc., touching the lives of over 80,000 users currently. The company intends to onboard over 500 corporates over the next two quarters.Over the coming years, Pazcare also aims to widen its offerings beyond healthcare and be a one-stop-shop for all kinds of employee benefits.