You can be on Entrepreneur’s cover!

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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

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.

"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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Making a Change

Learn to Play Guitar Even if You Have No Previous Training for Just $20

Start with the beginner's crash course and learn how to play guitar in no time.

Marketing

Save Big and Get This Pro Collage App for $39.99

Edit, adjust, and create collages in seconds.

Business News

I Designed My Dream Home For Free With an AI Architect — Here's How It Works

The AI architect, Vitruvius, created three designs in minutes, complete with floor plans and pictures of the inside and outside of the house.

Business News

Here's One Thing Americans Would Take a Pay Cut For — Besides Remote Work

An Empower survey found a high percentage of respondents would take a pay cut for better retirement benefits and remote work options.

Business Ideas

7 Link-Building Tactics You Need to Know to Skyrocket Your Website's Rankings

An essential component of SEO, link building is not just a 'Set them and forget them' proposition, but a dance of skills and strategies.

Business Solutions

Handle In-House Projects More Efficiently with MS Project Pro — Just $24 Through April 16

It's designed to help teams stay on task with features like management templates, timesheets, generators, and more.