Square Insurance, an insure-tech business, has raised $3 million (about Rs. 25 crore) in a pre-Series A round led by BizDateUp and Negen Capital, with participation from well-known investors including Yogesh Chaudhary and Prashant Kothari.
According to a news statement from Square Insurance, the additional funding will be used to improve the company’s technological infrastructure, concentrate on enhancing its AI-driven insure-tech platform, and improve customer satisfaction.
Rakesh Kumar founded Square Insurance in 2016 with the goal of structuring insurance products that offer premium protection at a reasonable cost.
It intends to make investments in strategic alliances with fintech and e-commerce firms as well as in developing customized micro-insurance products in association with top insurers.
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Through these initiatives, insurance accessibility in underdeveloped markets will be transformed and its reach and impact will increase.
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The Jaipur-based business claims that in order to better service a wider clientele, it plans to create 25–30 new offices in tier II and tier III cities. The company claims that the expansion would enhance post-policy services and insurance product comparisons for clients and channel partners.
Market data indicates that the insurance sector in India is developing at a remarkable rate of 32–34% per year and has drawn around Rs 54,000 crore ($6.5 billion) in foreign direct investment.
Among the other well-known startups in this field are Coverfox, Toffee Insurance, Turtlemint Insurance, Riskcovry, Digit Insurance, and others.
About Square Insurance
Square Insurance is a top life and general insurance aggregator. You can easily compare quotes from leading insurance companies and discover the right policy for your needs with us. Online policy download and payment.
