Capitals will be utilized to strengthen technology and team for blitz balancing the geographical presence. | Aboli AA Deodhar |
This fundraiser will encourage the technology and commodity offerings to balance up the business and support roles significantly. GramCover will also emphasize the availability of multiple insurance commodities and services on the "GramCover Partner" application and develop its point-of-sale network, tech, businesses, and development teams across various geography.
"We are inspired concerning our Series A to fundraise with experienced tech-focussed investors like Siana Capital and Inflexor. We, at GramCover, will be encouraged by their deeptech specialty expertise and their startup experience as we operate towards increasing growth and profitability in a concentrated rural insuretech organization," said Dhyanesh Bhatt, co-founder, and group chief executive officer, GramCover.
GramCover, the tech-enabled insurance marketplace for rural India, has chosen a different technology-led distribution and servicing design customized for rural India to lessen the incompetence and performance costs concerned in guarding people's assets and families.
"My concept of starting GramCover has been to give complete protection to rural India. I conclude that the safety of the village, the cow, the car, the crop, and the disease, is our duty," shared Jatin Singh, founder, and managing director, GramCover.
GramCover began its journey in 2018 by registering 1000 farmers. In FY 21, the organization operated with more than 1.7 million rural customers giving insurance across products like crop, motor, livestock, and health worth 1.1 billion INR in premiums. The business intends to maintain its growth trajectory and would like to register more than 10 million farmers in the next two to three years with a premium objective of INR10 billion.
Team GramCover aims to deepen its footprint in present states, like Bihar, West Bengal, Assam, Uttarakhand, Andhra Pradesh, Maharashtra, etc. shall further extend its presence across other states as well.
"The GramCover team has conceded the key differences of balancing up the non-urban section of insurance distribution, which is an extensive opportunity in India. With a solid end-to-end broad technology program connected with a human-assisted regional company network, we feel GramCover is well-positioned to maintain its high growth trajectory. Further, the company design helps accomplish the twin purposes of productive growth and giving livelihood risk security to a broader rural population of India," noted Dinesh Goel, partner, Siana Capital.
With the arrival of technology, GramCover has observed an uptick in rural India's insurance penetration. Over the following decade, GramCover assumes the rural insurance enterprise to grow significantly, backed by a seamless tech-enabled distribution device, relevant commodities, proper ticket sizes, and a full servicing and claims support ecosystem.
"Our venture in GramCover originates from Inflexor's belief in support technology-led companies operating towards developing the insurance penetration to generate a meaningful influence in a large, under-insured business. We are delighted to co-lead the investment and associate with a stellar team of Jatin and Dhyanesh, with illustrated skills of accomplishment. We assume GramCover will play a crucial role in firstly remodeling the insurance aspect of Bharat," added PratipMazumdar, partner, Inflexor Ventures.
The program said that over 3.2 million Indian farmers had bought insurance through GramCover from the beginning till FY 21, and the company has customers in 13 states, 50 districts, 450 blocks, and 8000 villages.