Square Insurancean Indian digital insurance broker based in Jaipur, closed a $3 million funding round led by startup investment platform BizDateUp and Negen Capital. The round also saw participation from other investors including Prashant Kothari, owner of Jaipur Color Stone, and Yogesh Chaudhary, owner of Jaipur Rugs.
The funds, the company explains in a note, will be used to improve the technological infrastructure of Square Insurance, in particular the developments will focus on simplifying operations and improving the customer experience.
Square Insurance also plans to invest in creating microinsurance products in collaboration with traditional insurers. It is also looking at partnerships with fintechs and e-commerce to extend the reach of insurance in underserved markets. It also plans to open several offices in several Indian cities to expand its distribution network.
“It will allow us to enhance our offering and extend our reach into new markets, particularly in rural areas where insurance protection is critical. We are committed to leveraging this investment to drive innovation and deliver meaningful solutions to our customers,” he said. Rakesh Kumar, founder of Square Insurance.
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