Source: Entrackr
Mumbai, Insurtech firm Bharatsure has raised ₹6 crore in its latest funding round led by Inflection Point Ventures (IPV). Other participants in the round included Capital A and Atrium Angels. The startup plans to use the money to enhance its insurance technology and expand its services across India.
Bharatsure was founded by Anuj Parekh and Sanil Basutkar. It provides Infrastructure-as-a-Service (IaaS) for the insurance ecosystem, which helps businesses and platforms to incorporate insurance products in their existing services. The company primarily focuses on group insurance and embedded insurance solutions.
Bharatsure’s platform allows businesses, particularly small and medium-sized enterprises (SMEs) to deploy employee or user insurance benefits like health care, accident cover, and wellness services. The startup can generate revenue through its insurance policy distribution, commissions on the premiums sold, and value-added services through the tech platform.
Bharatsure has ramped up its operations in 50 cities, signing partnerships with over 1,500 stations and supporting nearly 70,000 drivers over the past couple of years. It claims to have covered over 2 lakh people for insurance and processed 10K claims. Bharatsure also claims to be rated 4.9 out of 5 on Google, showcasing customer happiness.
Financial-wise, Bharatsure mentioned it did well in the last fiscal year (FY25). It states it doubled revenue, achieved break-even at Contribution Margin 3 (CM3) and is targeting ₹100 crore of revenue by FY28.
With a plan for service expansion, Bharatsure partnered with Battery Smart, one of the largest EV battery swapping networks. Through this team-up, they were able to launch a natural calamity insurance offering for Battery Smart’s station partners. The product covers risks like fire, flood, earthquake, and personal accidents.
The company is competing against other insurtech players in India, like SecureNow, BimaKavach, and Pazcare, as these players are also providing digital insurance for businesses and employees.
With this latest funding round, Bharatsure is focused on building better insurance infrastructure, expanding partnerships, and reaching customers.
It endeavors to provide easier access to group insurance and embedded insurance for underserved communities and businesses that wish to offer new employee benefits without developing their own insurance solutions from scratch. This makes an offering such as this far more user-friendly and accessible. The insurtech industry is booming in India, and Bharatsure aims to lead and help businesses streamline and scale their insurance.
