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Funding Announcement
Square Insurance, a Jaipur-based insurtech startup, has raised $3 million in a pre-Series A funding round led by Negen Capital and Bizdateup. Notable investors, including Yogesh Chaudhary, Founder of Warmup Ventures and Owner of Jaipur Rugs, and Prashant Kothari, Owner of Jaipur Stones, also participated. The advisory for the deal was managed by Cognihub Consultants, led by Rishi Agarwal.
Company Background
Founded in 2017 by Rakesh Kumar, Square Insurance offers comprehensive life and general insurance services across 20 states in India. The startup boasts a network of over 25,000 channel partners and a dedicated team of 350 employees. It plans to open 25-30 new offices in Tier II and Tier III cities to broaden its reach.
Use of Funds
The raised capital will be used to strengthen Square Insurance’s technology infrastructure, enhancing its AI-driven insurtech platform to streamline operations and elevate customer experience. A substantial portion will also be directed towards advancing technology for cattle insurance, addressing farmers’ needs in rural areas. Additionally, the startup will invest in developing customized micro-insurance products through collaborations with leading insurers and form strategic partnerships with fintech and e-commerce companies.
Leadership Comments
Rakesh Kumar, Founder and Managing Director, stated, “This funding marks a significant milestone in our journey to transform the insurance landscape with cutting-edge technology and enhanced accessibility. It empowers us to refine and expand our insurance offerings and reach underserved markets, especially in rural areas where insurance plays a vital role in securing futures.”
Investor Insights
Neil Bahal, Founder of Negen Capital, emphasized the growth potential in India’s insurance sector, citing the country’s multi-year growth trajectory and significant headroom for growth. He noted that Square Insurance, a bootstrapped and profitable insurtech company, intrigued them due to the founders’ rich experience and commitment to profitable growth.
Meet Jain, Co-founder at Bizdateup, highlighted the dynamic nature of India’s insurance industry, growing at an impressive rate of 32-34% annually despite global challenges. He expressed excitement about Square Insurance’s potential to transform the insurance landscape in India, aligning with their vision of supporting innovative startups making a real-world impact.
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