The Mumbai-based company had previously raised $1.2 million in February 2022 led by its existing investors. The company plans to utilise the funds for product development, team expansion and marketing, Bharatsure said in a press release.
Co-founded in May 2021 by Anuj Parekh and Sanil Basutkar, Bharatsure provides Infrastructure-as-a-Service (IaaS) solutions to insurance distributors like licensed brokers, agents, banks, and institutions empowering them to proactively distribute group insurance and healthcare seamlessly. The company aims to enhance insurance coverage throughout India.
According to Bharatsure, its offerings also include holistic support for identifying insurance partners, product pricing, payments, operations, and claims. The infrastructure also powers embedded insurance and healthcare use cases for customers with an active focus on group health insurance.