[Funding alert] Employee benefits and insurtech platform PazCare raises undisclosed sum from BookMyShow Co-founders, others
The Bengaluru-based startup will use the funds raised to strengthen its insurance and technology infrastructure in a bid to build a stronger business and employee foundation while expanding its client base and partnership network.
Bengaluru-based employee benefits and insurtech platform PazCare has raised an undisclosed amount from marquee angel investors and entrepreneurs. These include BookMyShow’s founding team Ashish Hemrajani (Founder and CEO, BookMyShow) and Parikshit Dar (Co-founder and Director, BookMyShow), Haresh Chawla (Founding CEO, Network18 and Partner, TrueNorth), Mohit Garg (Co-founder, Oloid and Mindtickle), and Deepak Diwakar (Co-founder and CTO, Mindtickle), amongst several others.
The amount raised by the firm is a part of its seed round, marking its first external fundraise.
Sanchit Malik, Co-founder and CEO, PazCare said,
“There are 1 million+ employers in India who aspire to provide seamless health insurance and full stack benefits to their employees but are unable to find the right mix of appropriate measures and competent cover schemes at volume. PazCare aims to enable 10,000+ such employers to insure over three million lives through its platform in the next three years with a razor-sharp focus on providing the best value to our customers.”
The company will use the funds raised to strengthen its insurance and technology infrastructure in a bid to build a stronger business and employee foundation while expanding its client base and partnership network.
Founded in late 2020 by Sanchit Malik, former Co-founder of Townscript and Manish Mishra, ex-Director of Engineering at Mindtickle and Cleartax, PazCare launched its employee benefits platform in early 2021 and has since, onboarded over 70 companies including MamaEarth, BookMyShow, Goodera, Mindtickle, GoMechanic, Appknox, Upekkha, Avail Finance, and Phi Commerce to name a few. With an aim to build a technology for employers, PazCare is on a mission to enable employee health benefits like never before.
Ashish Hemrajani, Founder and CEO, BookMyShow added,
“Parikshit and I have had the opportunity to work with Sanchit and experience first-hand his commitment and passion towards building a lasting consumer experience with his previous venture Townscript as part of the BookMyShow family. Sanchit along with Manish and the team are furthering their commitment to offer a strong employee benefits value proposition and product for companies all across with PazCare and it couldn’t have come at a more opportune moment when safeguarding health is paramount.”
Edited by Kanishk Singh