Insurtech startup GramCover said it has raised $7 million co-led by Siana Capital and Inflexor Ventures in a Series A round. The fundraise also saw the participation of Stride Ventures along with existing backers Omidyar Network India, Flourish Ventures and Emphasis Ventures (EMVC).
The five-year-old startup specialises as an insurtech marketplace focused on rural India facilitating policy purchases across products like crop, motor, livestock, and health insurance. The firm said that it sold insurance covers worth Rs 110 crore in premiums.
The fresh capital will be used to strengthen the technology and product offerings and also scale up the business and support functions, the startup said in a media statement. GramCover said that it will also expand its point of sale network, tech, and operation teams across geographies. Unitus Capital acted as the financial advisor to the company on the transaction.