Pazcare Raises $8.2 Million From Jafco Asia

The fresh fund will be used to strengthen and expand the product line and growth of the business

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Pazcare, employee benefits and insurtech platform, has raised $8.2 million in a funding round led by Jafco Asia. The round also witnessed participation from existing investors 3one4 Capital and BEENEXT. The fresh fund will be utilized to strengthen and expand the product line and growth of the business.

Company handout

"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 Sanchit Malik, co-founder, Pazcare.

Pazcare has insured employees from over 500 companies. The company intends to on-board more than 2000 companies over the next few quarters. Over the comping years, Pazcare also aims to widen its offerings beyond healthcare and be a one-stop shop for all kinds of employee benefits. Currently, the companies that have insured with Pazcare include are Mindtickle, Mamaearth, Levi's, Cashkaro among others, claimed by the company in a statement.

"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. Sanchit in particular is a very trusted and visionary CEO and seasoned founder. Pazcare can transform B2B insurance space in a very formidable way," said Supriya Singh, head of South Asia investments, Jafco Asia.

As per market analysis, Insurance industry in India is valued at $4523.88 billion. It is expected to reach $10300.96 billion by 2030 at a CAGR of 10 per cent.