Square Insurance, based in Jaipur, recently announced that it has secured Rs 25 Crore or USD 3 million in funding. This funding round was led by BizDateUp and Negen Capital, with contributions from notable investors, including Prashant Kothari, owner of Jaipur Color Stone, and Yogesh Chaudhary, owner of Jaipur Rugs. 

The capital will be used to improve Square Insurance’s technology infrastructure, focusing on enhancing its AI-driven insurance tech platform. It is done to streamline operations and improve customer experience.

A substantial portion of the funding will be directed towards developing technology for cattle insurance to meet the needs of farmers in rural areas. 

Additionally, Square Insurance plans to invest in creating custom micro-insurance products in collaboration with leading insurers and forming strategic partnerships with fintech and e-commerce companies to reach underserved markets.

Rakesh Kumar, founder and managing director of Square Insurance, expressed his excitement about the funding, emphasising the company’s commitment to using the investment to drive innovation and provide meaningful solutions to its customers.

Meet Jain, co-founder at BizDateUp, who spoke about Square Insurance’s potential to transform the insurance landscape in India and its alignment with BizDateUp’s vision of supporting innovative startups with real-world impact.

Neil Bahal of Negen Capital expressed enthusiasm about the investment and their pride in partnering with Square Insurance to support its growth journey.

In the upcoming year, Square Insurance plans to open 25-30 new offices in tier 2 and tier 3 cities to expand its ability to serve a larger customer base. 

This expansion will enhance insurance product comparisons and post-policy services for channel partners and customers, further advancing Square Insurance’s mission of broadening insurance access across India.

BizDateUp, founded by Jeet Chandan and Co-founded by Meet Jain, is focused on fostering a culture of innovation, supporting startups, and driving meaningful change in their respective fields. 

In the fiscal year of 2023-24, BizDateUp showcased remarkable growth and impact by funding over 25 startups, raising a USD 10 million fund and engaging with more than 1000 active angel investors.

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