Employee Benefits And Insurtech Platform PazCare Raises Seed Investment

The company will use the funds raised to strengthen its insurance and technology infrastructure in a bid to build a stronger business and employee foundation while expanding its client base and partnership network

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By Prabhjeet Bhatla


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Employee benefits and insurtech platform PazCare on Monday announced that it has raised an undisclosed amount from angel investors and entrepreneurs including BookMyShow's founding team Ashish Hemrajani and Parikshit Dar, Haresh Chawla, Mohit Garg, and Deepak Diwakar, amongst several others. The amount raised by the firm is a part of its Seed round marking its first external fundraise.

The company will use the funds raised to strengthen its insurance and technology infrastructure in a bid to build a stronger business and employee foundation while expanding its client base and partnership network.

"There are over 1 million employers in India who aspire to provide seamless health insurance & full stack benefits to their employees but are unable to find the right mix if appropriate measures and competent cover schemes at volume. PazCare aims to enable over 10,000 such employers to insure over 3 million lives through its platform in the next 3 years with a razor-sharp focus on providing the best value to our customers. The team at PazCare has a deep and thorough understanding of the Asia market and we look forward to creating value for all stakeholders across the chain including insurance and service providers, employers, and employees," said Sanchit Malik, co-founder, and chief executive officer, PazCare.

Founded in late 2020 by Sanchit Malik, and Manish Mishra, PazCare launched its employee benefits platform in early 2021 and has since, onboarded over 70 companies including MamaEarth, BookMyShow, Goodera, Mindtickle, GoMechanic, Appknox, Upekkha, Avail Finance, and Phi Commerce to name a few.

"Parikshit and I have had the opportunity to work with Sanchit and experience first-hand his commitment and passion towards building a lasting consumer experience with his previous venture Townscript as part of the BookMyShow family. Sanchit along with Manish and the team are furthering their commitment to offering a strong employee benefits value proposition and product for companies all across with PazCare and it couldn't have come at a more opportune moment when safeguarding health is paramount. I can confidently say that the product holds tremendous potential to disrupt, and I am glad to be a part of their exciting journey," added Ashish Hemrajani, founder and chief executive officer, BookMyShow.

With an aim to build a seamless technology for employers, PazCare is on a mission to enable employee health benefits like never before.

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