Jaipur-based Insurance Aggregator Square Insurance Raises ₹8.3 Cr from Recur Club

Jaipur based InsurTech startup Square Insurance has raised $1 million (about Rs 8.3 crore) in a funding round led by Recur Club, a trading platform for recurring revenue companies to trade their contracts/subscriptions.

Square Insurance will utilise the freshly raised funds to open 15 new branch offices and strengthen their workforce, according to a statement to media outlets.

Founded in 2017, Square Insurance is an Insurtech life & General insurance aggregator. It allows to compare quotes from top-rated insurance companies and find the perfect policy that caters to customers' unique needs. The customers can make the payment and download the policy online.

Last month, Square Insurance announced that it has made a strategic partnership with Rajasthan government, under which the Insurtech startup will deliver a range of insurance services across the state with the help of 78,000 e-Mitra kiosks. Jaipur-based startup's product portfolio covers cattle, crop, bike, health, life, car, property, travel, and marine insurance services.

Touted as a disruptor in the industry with an employee base of 320, and focused on the underserved markets, Square Insurance is providing solutions by using advanced algorithms and data analytics.

To recall, in February this year in what is touted as the largest ever series A round by an Indian Insurtech company, InsuranceDekho, had raised $150 million in Series A funding led by Goldman Sachs Asset Management and TVS Capital Funds. 


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