Pazcare, an employee benefits and insurtech platform, has raised $8.2 million in a Series A funding round led by Jafco Asia. The round also saw participation by existing investors 3One4 Capital and BEENEXT.

The fresh round of funds will be used to strengthen and expand productline and grow business. 

The company last raised its seed round of $3.5 million in October 2021 in a co-led round by BEENEXT, 3One4 Capital and several angel investors such as Haresh Chawla (True North) and Ashish Hemrajani (Bookmyshow) among others. 

The startup now stands at a valuation of ₹370 crore or $48 million. 

Sanchit Malik, CEO and Co-founder, Pazcare,said, “We believe health and life insurance penetration will be employer-driven and we want to play an important role in providing world-class benefits to Indian employees.”

Within a year, Pazcare has seen a quarter-on-quarter growth of 100 per cent. Pazcare currently serves more than 130,000 members on the platform, the company said. 

The company intends to on-board around 2,000 companies over the next few quarters. Pazcare also aims to widen its offerings beyond healthcare and be a one-stop-shop for all kinds of employee benefits.

Pazcare has insured employees from over 500 companies. Some of the companies that have insured with Pazcare include Mindtickle, Mamaearth, Levi’s, Cash Karo and Open Financial, among others.