VC Fund Investments
Rural insurtech player GramCover raises $7-M from Siana Capital, Inflexor Ventures, others
GramCover, a Noida-based rural insurtech startup, has raised USD 7 million in a round co-led by Siana Capital and Inflexor Ventures. Stride Ventures along with existing backers Omidyar Network India, Flourish Ventures and Emphasis Ventures (EMVC) have also joined the new round. The funds will be used to strengthen the company's technology and product offerings, enhance availability of various insurance products and services, expand point-of-sale network, strengthen technology, sales and operation teams. GramCover has adopted a technology-led distribution and servicing model for rural customers, minimizing the inefficiencies and transaction costs involved in protecting people's assets and families. In FY21, GramCover claims to have worked with more than 1.7 million rural customers providing insurance across products like crop, motor, livestock and health.
From the Venture Intelligence PE-VC Deal Database: Between Nov-2016 and May-2020, Gramcover had raised over INR 15 Cr from Flourish Ventures, Emphasis Ventures, Omnivore Partners, Omidyar Network. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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