India-based employee benefits platform Pazcare has reportedly collected $8m in its Series A funding round, which was led by JAS Fund.
Other contributions came from 3One4 Capital and BeenextAsia, as well as several angel investors, according to a report from entrackr.
According to Fintrackr’s estimation, the funding round valued Pazcare at $48m.
Pazcare offers employee health insurance solutions, with policies include group health insurance, group personal accident insurance and group term life insurance.
It also offers curated wellness and health packages, which include mental wellness tools, virtual doctor consultations, regular health checkups, dental treatments, personalised fitness plans and more.
India has a bustling InsurTech sector. It was recently reported that Digit Insurance is eyeing a $500m IPO at a valuation of $4.5bn to $5bn. Draft documents are expected to be filed to the regulator by September and list in January.
The InsurTech reached a $4bn valuation in May 2022, following the close of a $54,6m funding round.
Another Indian InsurTech company in the news recently is Loop. The healthcare and insurance startup raised $25m for its Series B, which was co-led by General Catalyst and Elevation Capital.
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