Insurance tech player Bharatsure has raised $1 million in a pre-series round led by early-stage VC fund Capital-A. Grip Invest and existing backers, Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle, also participated in the round.

The company plans to deploy the raised funds in product development, team expansion, and marketing.

It provides infrastructure-as-a-service (IaaS) solutions to insurance distributors such as licensed brokers, agents, banks, and institutions, empowering them to proactively distribute group insurance and healthcare seamlessly. Additionally, the infrastructure solution also powers embedded insurance and healthcare use cases for customers, with an active focus on group health insurance, according to a company release.

“This fresh capital injection will further fuel our mission to make group insuranc accessible and affordable for organisations and groups across the country. We are excited to have the support and trust of our investors on this journey,” said Anuj Parekh, co-founder and CEO, Bharatsure.

Since its launch in May 2021, the company claims to have partnered over 500 organisations, impacting more than 150,000 lives through its group benefits platform. Further, they are targeting to secure 1 crore Indians in the next two years. Cumulatively, it has raised $2.2 million to date.

Almost 90 crore Indians do nor have health security. Group insurance has worked for highly penetrated economies. “India, too, can follow this path, and we want to enable the entire insurance ecosystem with the right tools to distribute group insurance,” said Sanil Basutkar, co-founder and chief product officer.

Ankit Kedia, Founder and Lead Investor, Capital A, said the start-up’s potential to establish a digital ecosystem catering to employers nationwide and facilitating the acquisition of diverse insurance products and healthcare services, positions it as a transformative force within the Indian insurtech sector.