What is Pazcare all about and what problem is the company trying to solve?
Pazcare is an employee benefits and insurtech platform redefining the way employee benefits are managed in India. It enables real-time management of employee benefits such as insurance, health and financial benefits and streamlines them in one place.
Employee benefits is a nightmare in India with all the stakeholders (employer, employee and benefit providers) completely disconnected with each other. On one hand the employer struggles hard to coordinate & manage with multiple benefits providers and on the other hand employees do not have the idea what all benefits their employer is providing. Even if an employee is aware of some benefits, accessing them is a painful process since all of it happens offline. We are solving this problem by digitally connecting all the stakeholders and bringing everything together on one platform.
What is the business model that Pazcare follows?
Pazcare follows a marketplace + SAAS model. We start with helping our customers in planning and procuring the best of the insurance and health benefits for their employees from the host of options available in the market. Once the employer has implemented the benefits, through our tech platform we enable seamless access and smooth service experience for all the employees.
What are the challenges that you have faced building the company?
Like all the startups that are making deep impacts, one of the early challenges you face is to find a product market fit, hiring the right team and raising capital. We have faced all of them and have been lucky enough to have got a great support from HR & Finance community who’s adopting our product rapidly. We have been lucky to build a strong team with entrepreneurial background and also been able to raise the capital to grow the business
How much funding has been secured until now and do you have any plans to raise capital in the near future?
We have done 2 rounds of funding (angel and seed) securing over USD 3.5 Million led by BEENEXT, 3one4 Capital, and marquee angel investors like Kunal Shah (CRED), Ashneer Grover (BharatPe), Aprameya R (Koo), Zishaan Hayath (Toppr), Ashish Hemrajani (BookMyShow), Haresh Chawla(True North) and many others. Given the pace we have been growing, we have boarded over 150 corporates in a span of just 7 months touching the lives of over 80000 users. We are seeing a strong interest from investors in our vision of reaching out to 1 million employers and 100 million+ employees in India. We would be raising soon.
Has the pandemic affected the growth of your business and how?
The pandemic took a heavy toll on the health and finances of individuals and companies.
It made employers realise the importance of their employee health and wellbeing and that just paying salaries is not enough but they also need to couple it with insurance and other health benefits for the bad times. Since we started out with addressing this challenge first, we have seen a huge demand from companies to devise a better benefits program for their employees.
What is the revenue model?
We have a freemium subscription model for the employers and commission from the benefit service providers.
What are the different products and how do they work?
Pazcare provides employers and their employees with flexible and personalized benefits, thereby transforming the employer-employee relationship at scale. Among the host of solutions that Pazcare provides are benefits and insurance management, mental health solutions, virtual doctor consultations, comprehensive blood tests, etc. Through our world-class tech platform, we have created a real-time user experience, which makes it extremely easy for the employer as well as the employee in personalising and managing their benefits. Employers get a dashboard and each employee gets an app making it extremely convenient. Over the coming years, Pazcare also aims to widen its offerings beyond healthcare and be one-stop-shop for all kinds of employee benefits.