GramCover, India’s leading rural insurtech platform, announced today that it has raised pre- Series A funding from EMVC, Flourish, and Omidyar Network India. Existing investor Omnivore also participated in this round.
GramCover is de-risking rural India by leveraging technology and its point of sale (POS) network to make insurance accessible for all. The company is creating a seamless ecosystem for delivery of insurance products including crop, livestock, health, motor, life, and asset insurance that address the needs of rural India.
Based in Noida, GramCover was founded by Jatin Singh, who earlier launched Skymet, India’s leading private weather company. Registered as a composite broker, GramCover has become the preferred choice for insurers to access Bharat (rural India). Over 1.3 million Indian farmers have purchased insurance through GramCover since inception, and the company brokered USD 10 milion of insurance premiums in FY2019-20.
Commenting on the pre-Series A funding, Jatin Singh, Co-Founder of GramCover, noted, “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. We are very excited to partner with fintech-focused VCs like EMVC, Flourish, and Omidyar Network India as we build the largest insurtech platform for rural 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 5 million rural consumers in next two years.”
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 look forward to partnering with the GramCover team as they continue to refresh a legacy industry for the deep benefit of their customers, partner institutions, and the ecosystem.”
Amol Warange, Director – Investments at Omidyar Network India, also noted, “Jatin has a keen understanding of the Indian rural consumer and we’re delighted to be a part of this journey. 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.”
GramCover is de-risking rural India by leveraging technology and its point of sale (POS) network to make insurance accessible for all. For more information on GramCover.
Emphasis Ventures (EMVC) is a boutique strategic venture firm that invests in transformative early stage fintech and insurtech. Based in the US and in partnership with a consortium of the largest and most influential financial services companies across the world, EMVC makes equity investments in early-stage innovation from India that has domestic reach and strategic relevance to global markets. Its investment team is led by financial technology investors and operators who provide hands-on support to entrepreneurs and guidance to its global network.
Flourish is an evergreen, early-stage venture fund investing globally in entrepreneurs whose innovations help people achieve financial health and prosperity. Spun out of Omidyar Network in 2019 with an existing portfolio of $200 million, Flourish received a new commitment of $300 million from Pam and Pierre Omidyar, the founder of eBay. Flourish invests in a number of themes in fintech, insurtech, regtech and other technologies, as well as supports nonprofit organizations, that empower people and help foster a fair, more inclusive economy. Flourish is managed by a global team with offices in Silicon Valley, Washington DC, London, and India.
Omidyar Network India invests in bold entrepreneurs who help create a meaningful life for every Indian, especially the hundreds of millions of Indians in low-income and lower-middle-income populations, ranging from the poorest among us to the existing middle class. Omidyar Network India is part of The Omidyar Group, a diverse collection of companies, organizations and initiatives, supported by philanthropists Pam and Pierre Omidyar, founder of eBay.
Omnivore is a venture capital firm, based in India, which funds entrepreneurs building the future of agriculture and food systems. Omnivore pioneered agritech investing in India, backing over 20 startups since 2011.