GramCover funding: raises in Pre-Series A funding round
The Noida based rural insurtech startup, GramCover raises an undisclosed amount in Pre-Series A funding round. The investors include EMVC, Flourish, and Omidyar Network India. Earlier the company has also raised funds from Omnivore.
The company is planning to use the funds in expanding its operations and business line.
Founder of GramCover, Jatin Singh says, “We are very excited to partner with fintech-focused VCs like EMVC, Flourish, and Omidyar Network India. India’s farmers and rural communities are massively under-insured, and GramCover is working every day to design and distribute innovative insurance products to meet their needs. Our vision is to cater to 5 million rural consumers in the next two years.”
GramCover was founded by Jatin Singh. The company is working on insurance distribution in rural India with the help of technology. It works on a Mobile Insurance platform where customers can come onboard digitally. It has special features like instant insurance policies, multiple premium collection options, and much more. The company claims to cover 3000+ villages,1.9Lakh customers enrolled with 1100+ claims settled.
CEO & Founder of StartupLanes, Shishir Gupta says our freedom fighters always dreamt of developed Rural India. Even Fundamental Duties and DPSP mentioned in constitution states for better organization and protection of villages. We have more than 6lakhs Villages in India. Almost every day we hear news related to debts and crises faced by farmers. We as entrepreneurs need to take this problem seriously. I think GramCover has targeted the correct area and they are addressing the core problem credibly. My best wishes to the team. Kudos!!!
Around 75% of the total population lives in rural areas in India. Upcoming technological and Infrastructural development leading to drives the demand for insurance.