GramCover, an India based composite insurance broking firm, raised USD 7 million in a Series A round co-led by Siana Capital and Inflexor Ventures on 4 October 2021.

Investors: Siana Capital and Inflexor Ventures co-led the latest round of funding with participation from Stride Ventures. In addition, existing investors include Omidyar Network India, Flourish Ventures and Emphasis Ventures (EMVC).

The Objectives behind the funding: The company plans to deploy the current proceeds to strengthen its technology and product offerings. It will also supplement the availability of various insurance products and services on its partner application while stretching its point of sale network, technology, sales and operation teams.

About GramCover

Source: Company’s LinkedIn profile

Founded in 2016 by Jatin Singh, Nalin Rawal, Neelam Kumar Gupta, Rishabh Garg and Rishi Raj Vashisht, GramCover is a composite insurance broking firm focused on insurance products design and tech-enabled distribution for rural India. The startup uses a technology-led distribution and servicing model to minimize inefficiencies and transaction costs in rural areas. More than 3.2 million Indian farmers have purchased insurance through GramCover across 13 states and 8000 villages. The startup aims to deepen its footprint in Bihar, West Bengal, Assam, Uttarakhand, Andhra Pradesh, Maharashtra, among others. 

What the Founder has to say:

“We are excited about our Series A fund raise with seasoned tech-focussed investors like Siana Capital and Inflexor. We, at GramCover, will be strengthened by their deep-tech domain expertise and their start-up experience as we work towards building growth and profitability focussed rural insuretech organization,” said Dhyanesh Bhatt, co-founder and group chief executive at GramCover.

What the Investors have to say:

“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,” said Pratip Mazumdar, partner of Inflexor Ventures.

“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,” said Dinesh Goel, partner, Siana Capital.

The Indian insurance market is projected to increase at a CAGR  of 5.3 per cent from 2019 to 2023.


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Manish writes about the startup ecosystem on VCBay. He is pursuing Master of Commerce from Delhi School of Economics, University of Delhi, and is passionate about the world of finance, information technology & entrepreneurship.

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