Pazcare raises $3.5M in seed round
PazCare, an employee benefits and insurtech platform, announced that it has raised $3.5 million as part of its seed round, led by BEENEXT, along with 3one4 Capital, and other investors.
The round also saw participation from angel investors, including Kunal Shah ( CRED ), Ashneer Grover ( BharatPe ), Aprameya R ( Koo App ), Zishaan Hayath ( Toppr ), and existing investors Ashish Hemrajani ( BookMyShow ) and Haresh Chawla( True North ), among other marquee investors.
In a statement, Sanchit Malik, Co-founder and CEO of Pazcare, said, “Through our world-class tech platform, we are trying to create a real-time user experience, which makes it extremely easy for the employer as well as the employee in personalizing and managing their benefits. Over the next three years, we aim to be a leading full-stack employee benefits marketplace and platform that touches the lives of over three million employees.”
The Bengaluru-based startup plans to use the freshly raised funds to drive its growth among new categories of customers, boosting product development, and recruiting across all functions.
Established in 2020 by Sanchit Malik and Manish Mishra, Pazcare facilitates real-time management of employee benefits and streamlines them in one place.
Commenting on the investment, Dirk Van Quaquebeke, Managing Partner at BEENEXT said, “We are glad to collaborate with Sanchit and Manish, second-time founders who are disrupting the fragmented employee benefits space in India in terms of ease of use. We are excited to partner with Pazcare and its global applicability as they demonstrate success with their customers with high NPS.”
“Sanchit and Manish have a very product-led, unique take on how employee benefits need to be managed and delivered. They have shown amazing vision and product execution so far and we are incredibly excited to partner with them on their growth journey as they scale up this platform,” said Anurag Ramdasan, Partner, 3one4 Capital.
Pazcare offers flexible and personalized benefits to employers and their employees, such as insurance management, mental health solutions, virtual doctor consultations, comprehensive blood tests, etc.
Pazcare seems to have positioned itself well in the market with its innovative solutions. I’m sure the company would continue to prosper in its journey ahead. My best wishes to the team of Pazcare.Shishir Gupta, Founder and CEO, StartupLanes
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