The Jaipur-based insurance broking startup Square Insurance has raised $3 million in equity funding. The investment round was led by early-stage investor BizDateUp and angel funding platform Negen Capital. The round also saw participation from Prashant Kothari, owner of Jaipur Color Stone, and Yogesh Chaudhary, owner of Jaipur Rugs.
The company plans to use the funds to upgrade its technology infrastructure, aiming to streamline operations and enhance the customer experience. Square Insurance intends to invest in developing micro-insurance products in partnership with leading insurers and to forge alliances with fintech and e-commerce companies to broaden the reach of insurance in underserved markets.
Rakesh Kumar, the founder of Square Insurance, expressed that the investment will bolster the company’s offerings and facilitate entry into new markets, especially rural areas where insurance coverage is vital. Kumar emphasized the company’s commitment to leveraging this investment to drive innovation and deliver impactful solutions to its customers.
In the current fiscal year, Square Insurance aims to establish 25-30 new offices in tier-II and tier-III cities. This expansion is expected to enhance the company’s capacity to serve a larger customer base and improve insurance product comparisons and post-policy services for both channel partners and customers.
