Employee benefits and insurtech platform Pazcare has raised $8.2 million in funding led by Jafco Asia, pushing its valuation to $48 million. The funding also included participation from returning investors 3One4 Capital and BEENEXT.
Pazcare provides outpatient health benefits as well as health, term, and accident insurance. The startup currently serves more than 130,000 members from over 500 companies on its platform and has seen quarter-on-quarter growth of 100%.
The last round of funding for Pazcare was a $3.5 million seed round raised in October 2021.
"In the last year, we’ve already enabled a better employee benefits experience for more than 500 companies. Now, we are all set to change the game of how employee healthcare benefits are looked at by partnering with over 2000 companies in the upcoming quarters," according to a blog post by the company.
Since its founding in 2021 by Sanchit Malik and Manish Mishra, it has raised a total of about $12 million. Over the next few quarters, it plans to add 2,000 new companies to its platform, added the post.