Gram Cover Raises Funding In A Pre-series A Round Led By Various Investors
Gram Cover, which is making insurance products in rural areas available, announced that it has raised an undisclosed amount of funding its pre-Series A round from EMVC, Flourish and Omidyar Network India.
Existing investor Omnivore also participated in this round, said the company in a statement on Tuesday.
The Noida-based firm was founded by Jatin Singh, who had also launched Skymet, a private weather company.
A rural infotech startup, Gram Cover, is de-risking rural India by leveraging technology and its point of sale network to make insurance accessible for all. The company aims to create an ecosystem for the delivery of insurance products including crop, livestock, health, motor, life, and asset insurance that address the needs of rural areas.
Jatin Singh said, “We are very excited to partner with fintech-focused VCs like EMVC, Flourish, and Omidyar Network India. India’s farmers and rural communities are massively under-insured, and GramCover is working every day to design and distribute innovative insurance products to meet their needs. Our vision is to cater to five million rural consumers in the next two years.” “With GramCover already having achieved breakeven on the bottom line, we are well poised to make further investments to grow our reach and develop new lines of business,” Singh added.
Headquartered in Noida, the company claims have become the preferred choice for insurers to access Bharat (rural India). It is registered as a composite broker. Over 1.3 million farmers have purchased insurance through GramCover since inception, and the company brokered USD 10 million of insurance premiums in FY 2019-20, the statement said.
According to Melissa Frakman, Managing Partner at EMVC, “GramCover is at the forefront of digital disruption for last-mile insurance and financial services delivery, scaling insurtech innovation tailored uniquely for India’s largest and least-digitally-served population.”
“We believe insurance plays a critical role in helping individuals build economic resilience. GramCover, with its technology-led approach, is taking insurance to India’s most hard to reach population segments, helping them cope with unexpected risks, and thereby create a meaningful life for themselves.” Amol Warange, Director - Investments at Omidyar Network India, said in a statement.
