Insurtech's Pazcare fetches $8.2 million funding led by Jafco Asia

17 Jun 2022 , 03:57 PM

Pazcare, a employee benefits and insurtech platform has secured $8.2 million in a fundraising round headed by Jafco Asia at a value of $48 million. The round was also attended by existing investors 3One4 Capital and Beenext.

Pazcare will utilize the funds for the expansion of its business and the improvement of its products. Till now, it has raised $12 million.

Pazcare was founded in 2021 by Sanchit Malik and Manish Mishra and provides solutions for employee benefits and group health insurance needs. They assist companies in making educated decisions regarding their workers’ healthcare requirements and in designing customized workplace benefits.

So far, the firm has insured employees from over 500 organizations, including Mindtickle, Mamaearth, Levi’s, Cash Karo, and Open Financial.

“India’s economy is experiencing one of its most thrilling periods. The insurance market will uplift at a breakneck pace in the coming decade. We believe that employers will drive health and life insurance penetration,” commented, Sanchit Malik, co-founder, and CEO of Pazcare.