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

learn more about Teena Jose

By Teena Jose • Jun 16, 2022

Company handout

Opinions expressed by Entrepreneur contributors are their own.

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

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.

Related Topics

Thought Leaders

5 Small Daily Habits Self-Made Millionaires Use to Grow Their Wealth

We've all seen what self-made millionaires look like on TV, but it's a lot more subtle than that. Brian Tracy researched what small daily habits these successful entrepreneurs adopted on their journey from rags to riches.

Career

60 Second Business Tips: 3 Ways to Boost Confidence

Business development consultant Terry Rice on silencing self-doubt.

News and Trends

Bversity Raises INR 1.5 Crore In Seed Funding

The fund raised will utilized to build team, build a user- friendly and trustworthy edtech platform with masterclass-style courses

Technology

What One Entrepreneur And Investor Is Saying On the Unique Growth Opportunity In the Life Science Industry

Innovator and inventor Leen Kawas is the managing general partner of Propel Bio Partners, a life science investment firm that drives its strategy with science and business expertise

News and Trends

Hindenburg's Track Record Should Worry Adani

Given that the short-seller's past findings have spelled disaster for companies across the globe, including Nikola, Lordstown Motors, WINS Finance and Clover Health, among others, Gautam Adani may have to weather a long storm as questions around his empire's corporate governance practices are likely to multiply over the next few months