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Employee benefits and insurtech platform PazCarehas raised $8.2 million in a Series A round led by JAFCO Asia. The round also saw participation from existing investors 3One4 Capital and BEENEXT.

Pazcare will use the fresh capital to strengthen and expand its product line. Post this round, the startup stands at a valuation of Rs 370 crore or $48 million. It has raised $12 million in funding so far.

Founded in 2020, Bengaluru-headquartered Pazcare helps employers manage multiple insurance schemes for employees. Pazcare claims to have served more than 130,000 members on the platform.

The startup 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), Ashish Hemrajani (Bookmyshow), Kunal Shah (Cred), Deepak Diwakar (Mindtickle) and others.

Sanchit Malik, CEO and Co-founder of Pazcare said, “India as an economy is going through one of the most exciting times. Insurance as a market is going to see leapfrog growth in the current decade. We believe health & life insurance penetration will be employer-driven and we want to play an important role in providing world-class benefits to Indian employees.”

Pazcare’s customers include Mindtickle, Mamaearth, Levi’s, and CashKaro, among others. As for its long-term plans, the startup aims to widen its offerings beyond healthcare and be a one-stop shop for all kinds of employee benefits. 

“B2B (business-to-business) insurance is a large white space in Asia. Pazcare is well equipped to disrupt this space and the company’s number speaks for itself. Sanchit in particular is a very trusted and visionary CEO and seasoned founder. Pazcare can transform B2B insurance space in a very formidable way,” said Supriya Singh, Head of South Asia Investments, JAFCO Asia.

Anurag Ramadasan, Partner 3One4 Capital said, “Sanchit and Manish have shown an incredible vision in terms of how they expect the employee benefits space to scale up and built an amazing position for themselves within it.”