Noida-based rural insurtech startup GramCover Monday announced that it has raised $7 million in its Series A funding round co-led by Siana Capital and Inflexor Ventures.
The financing also saw the participation of Stride Ventures along with existing investors Omidyar Network India, Flourish Ventures and Emphasis Ventures (EMVC), the startup said in a statement.
GramCover will use the capital raised to strengthen its technology and product offerings, to enhance the availability of various insurance products and services on its partner application while expanding its point of sale network, technology, sales and operation teams.
“We, at GramCover, will be strengthened by their deep-tech domain expertise and their start-up experience as we work towards building a growth and profitability focussed rural insurtech organisation,” said Dhyanesh Bhatt, co-founder and group chief executive at GramCover.
The company claims that over 3.2 million Indian farmers have purchased insurance through its platform to date and that it has sold insurance covers worth Rs 110 crore in premiums.
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