Rural insurtech platform GramCover announced on Tuesday that it has raised pre-Series A funding from EMVC, Flourish, and Omidyar Network India. Existing investor Omnivore also participated in this round.
Based in Noida, GramCover was founded by Jatin Singh, who earlier launched Skymet. It aims to de-risk rural India by leveraging technology and its point of sale (POS) network to make insurance accessible for all. The company is creating an ecosystem for delivery of insurance products including crop, livestock, health, motor, life, and asset insurance that address the needs of rural India.
Singh said in a statement, “We are very excited to partner with fintech-focused VCs like EMVC, Flourish, and Omidyar Network 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.”
Amol Warange, Director – Investments at Omidyar Network India, said in a statement, “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.”