InsurTech startup Square Insurance, headquartered in Jaipur, has successfully secured $1 million (approximately Rs 8.3 crore) in a funding round spearheaded by Recur Club. This platform serves as a marketplace for companies with recurring revenue models to trade contracts and subscriptions.
The newfound capital injection will play a pivotal role in Square Insurance’s expansion strategy. The startup plans to establish 15 new branch offices and bolster its workforce, as outlined in a recent statement to various media outlets.
Having been established in 2017, Square Insurance operates as a pioneering life and general insurance aggregator within the InsurTech realm. The platform empowers users to compare quotes from top-tier insurance companies, effectively identifying policies that align with individual requirements. Furthermore, clients can conveniently execute payments and download policies through an online interface.
Notably, Square Insurance recently unveiled a strategic collaboration with the Rajasthan government. This partnership entails the delivery of an array of insurance services throughout the state, leveraging the vast network of 78,000 e-Mitra kiosks. The startup’s comprehensive product portfolio spans across insurance categories such as livestock, crop, two-wheeler, health, life, automobile, property, travel, and marine coverage.
With a workforce of 320 employees, Square Insurance stands out as a disruptor within the industry. Its primary focus on underserved markets underscores its commitment to addressing unmet needs. Employing sophisticated algorithms and data analytics, the startup delivers solutions that resonate with evolving customer demands.
Earlier this year, the Indian InsurTech landscape witnessed a significant milestone with InsuranceDekho securing $150 million in Series A funding—marked as the largest Series A round in the sector. The financing was led by Goldman Sachs Asset Management and TVS Capital Funds, underlining the growing prominence of innovative solutions within the insurance sphere.