Jaipur-based insurance broking startup Square Insurance has raised $3 million in equity funding. Early-stage investor BizDateUp and angel funding platform Negen Capital led the round. Prashant Kothari, owner of Jaipur Color Stone, and Yogesh Chaudhary, owner of Jaipur Rugs, also invested.
The company will use the funds to upgrade its technology infrastructure. This upgrade aims to streamline operations and improve the customer experience, according to the company’s release on Thursday.
Square Insurance plans to develop micro-insurance products in partnership with top insurers. Additionally, it seeks to collaborate with fintech and e-commerce companies to extend insurance coverage to underserved markets.
“It will enable us to enhance our offerings and extend our reach into new markets, particularly in rural areas where insurance protection is crucial. We are committed to leveraging this investment to drive innovation and deliver meaningful solutions to our customers,” said Square Insurance’s founder, Rakesh Kumar.
The company aims to open 25-30 new offices in tier-II and tier-III cities in the current fiscal year. This expansion will help Square Insurance serve a more extensive customer base and enhance insurance product comparisons and post-policy services for channel partners and customers.
