We’re happy to announce our Series A funding

Pazcare raises $8.2M in Series A led by Jafco Asia, 3one4 capital and BeeNext Ventures.

Jackie Chan never wanted to be the next Bruce Lee. He said he wanted to be the first Jackie Chan. Exactly. From the time Manish, my co-founder and I started working on the idea, we wanted to be one of the firsts in the space that is existing for generations.

Yes, Insurance is an age-old industry with many players already playing a good game in the market. 

Then how we’ll be one of the firsts here? What are we trying to solve?

Till 2 years back, the majority of the people were looking at insurance only as a tax-exempt or an investment option. When the second wave of Covid hit, we realized the truth.

Saying that the penetration of personal insurance in India is still low and it gets very expensive when you want to get good family coverage. Group health insurance is the one that can come to the rescue. Again, is it a great experience buying a group health insurance in India? 

Not so much.

Though the employer wants to take good care of their team, it’s not a cakewalk to get the right policy in place. Especially with no prior knowledge of insurance, it only gets tough to get the right policy, manage it every month, get claims processed, etc., See, not so easy right?

Even if the employer goes through all of this and gets the best employee insurance in place, in most cases the employee doesn’t know much about their insurance. They are not sure what is the insurance cover, what is included, what’s not, how to file a claim, and the list goes on and on.

What’s the point of owning something when you are not able to use it effectively when you need it the most?

So, we wanted to solve both of their problems.

1. Make it easy for business owners to take good care of their employees with less money and time. 

2. Make the employees aware of the health benefits they are provided with and make them get the most out of it.

And today, we’ve achieved an important milestone in the journey of solving the two crucial problems in the Indian Insurance industry.

We’ve raised our Seed A funding led by Jafco Asia, and our returning investors 3one4 capital and BeeNext ventures.

The road ahead 🌈

Is raising money the marker of success for Pazcare?

Not at all.

Many new-age companies nowadays want to provide a positive, supportive work environment. They want to take good care of the physical, mental, and financial well-being of their employees. They want their employees to be genuinely happy and satisfied at work. And with this money, if we can make that happen, yes, that is the marker of success for Pazcare. 

In the last year, we’ve already enabled a better employee benefits experience for more than 500 companies. Now, we are all set to change the game of how employee healthcare benefits are looked at by partnering with over 2000 companies in the upcoming quarters.

And we’ve come this far with a consciously built people-centric approach where trust and communication are valued the most. As a result of which we’ve grown from a few-member team to a 100+ member team of dynamic and go-getting people. 💪🏼

Want to join the team? Write to hiring@pazcare.com

A big thanks to our customers who trusted in us. ❤

With an amazing bunch of customers, a great team, and supportive investors, we are looking at the road full of hopes, energy, and enthusiasm (and of course with a bit of anxiety) to resume our journey to change the game of employee insurance in India. 🚀

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