Employee benefits and B2B InsurTech company Pazcare has announced it has raised $8.2 million in Series A funding round, The Economic Times reported. The company is now valued at $48 million.
India-based Pazcare offers employee benefits and group health insurance platforms, in addition to helping the employers that use its InsurTech products design custom workplace benefits for their employees, according to the report. The company has helped over 500 companies establish insurance for their employees and interact with other businesses.
“India as an economy is going through one of the most exciting times,” said Pazcare Co-Founder and CEO Sanchit Malik in the report. “Insurance as a market is going to see leapfrog growth in the current decade. We believe health and life insurance penetration will be employer-driven.”
The Series A was led by venture capital leader Jafco Asia.
Before this funding round, Pazcare previously raised a $3.5 million seed round in October, led by Beenext and 3one4 Capital, VC Circle reported at the time.
In January, InsurTech company InsurePay received a Series B investment, using part of the money to buy Split Limit Studios and its TRUPAY solutions. The combined company will operate under the InsurePay brand.
Read more: Worker’s Comp Platform InsurePay Buys Split Limit Studios
“The investment brings together leaders in InsurTech billing and payments for workers’ compensation and establishes InsurePay as the industry leader in pay-as-you-go solutions,” InsurePay CEO Adam Beck said at the time. “The two solutions complement each other, and the acquisition unites experienced talent from both teams that will help InsurePay to serve customers and build upon its platform to offer the next generation of solutions.”
InsurePay’s solutions include the pay-as-you-go program, which is a workers’ compensation program calculating premiums based on payroll data — a change from how the system used to work that is intended to ensure accuracy.
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