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Noida based rural insurtech startup, GramCover has raised $7 Million in series A round funding co-led by Siana Capital and Inflexor Ventures.
Stride Ventures also participated in this round alongside existing investors Omidyar Network India, Flourish Ventures, and Emphasis Ventures (EMVC).
“With this fundraise, the company will strengthen its technology and product offerings. GramCover will also enhance the availability of various insurance products and services on the ‘GramCover Partner’ application and also expand its point of sale network, tech, sales & operation teams across multiple geographies,” the statement said.
Speaking on the investment in GramCover, Dinesh Goel, Partner, Siana Capital said: “The GramCover team has understood the key nuances of scaling up the non-urban segment of insurance distribution which is a gigantic opportunity in India.”
“With a solid end-to-end deep technology platform in conjunction with a human-assisted local agency network, we feel GramCover is well-positioned to continue its high growth trajectory. Further, the business model helps achieve the twin objectives of profitable growth and providing livelihood risk protection to a largely rural population of India,” Goel added.
Commenting on the funding, Pratip Mazumdar, Partner of Inflexor Ventures said, “Our investment in GramCover stems from Inflexor’s conviction in backing technology-led enterprises working towards deepening the insurance penetration, to create a meaningful impact in a large, under-insured market.”
“We are pleased to co-lead the investment and partner with a stellar team of Jatin and Dhyanesh, with demonstrated capabilities of execution. We believe GramCover will play a pivotal role in radically transforming the insurance landscape of Bharat,” he added.
Started its journey in 2018 by insuring 1000 farmers, GramCover in FY 21, worked with more than 1.7 million rural customers providing insurance across products like crop, motor, livestock, and health worth 1.1 billion INR in premiums.
Commenting on the fundraise, Dhyanesh Bhatt, Co-Founder and Group CEO at GramCover said, “We are excited about our Series A to fundraise with seasoned tech-focussed investors like Siana Capital and Inflexor. We, at GramCover, will be strengthened by their deep-tech domain expertise and their startup experience as we work towards building growth and profitability focussed rural insuretech organization.”
“My vision of starting GramCover has been to provide a comprehensive cover to rural India. I believe that ‘गांव की सुरक्षा, गाय, गाड़ी, फसल और बीमारी, है हमारी जिम्मेदारी’ (The security of the village, the cow, the car, the crop, and the disease, is our responsibility),” Jatin Singh, Founder & Managing Director at GramCover further added.
Unitus Capital acted as the exclusive financial advisor to the company on the transaction.