GramCover, a rural insur-tech company has raised an undisclosed amount in its Pre-Series A funding round from investors like EMVC, Flourish, Omidyar Network India and existing investor Omnivore. Jatin Singh, a two-time entrepreneur launched GramCover in Noida.
The company aims to help the rural India with providing insurance covers through their tech-based system and point of sales network. They are trying to build an ecosystem where they can ensure the delivery of insurance products like crop, livestock, health, motor, life and asset insurance to fulfill the needs of the rural population.
“We believe insurance plays a critical role in helping individuals build economic resilience. GramCover, with its technology-led approach, is taking insurance to India’s most hard to reach population segments, helping them cope with unexpected risks, and thereby create a meaningful life for themselves,” said Amol Warange, Director, Investments at Omidyar Network India in a statement.
Jatin stated that the company is extremely excited about the partnership with fintech focused venture companies like EMVC, Flourish and Omidyar Network. He believes that rural dwellers in the country lack the security of insurances and that is why GramCover is working day and night to create a variety of insurance products to meet all the needs of the villagers. They are expecting to have a user base of 5 million rural consumers in next 2 years.
The company has served 1.3 million people from the rural India since its inception. Insurtech industry has been attracting attention from investors in last couple of years. PolicyBaazar.com is the highest funded company in this industry with $200 million investment in a round led by Softbank in 2018.