Employee Benefits and Insurtech platform PazCare today (June 21) announced that it has raised an undisclosed amount from marquee angel investors and entrepreneurs including BookMyShow’s founding team Ashish Hemrajani (Founder & CEO, BookMyShow) and Parikshit Dar (Co-founder & Director, BookMyShow), Haresh Chawla (Founding CEO, Network18 & Partner, TrueNorth), Mohit Garg (Co-founder, Oloid & Mindtickle) and Deepak Diwakar (Co-founder & CTO, Mindtickle), amongst several others. The amount raised by the firm is a part of its seed round marking its first external fund raise.
Founded in late 2020 by Sanchit Malik, former Co-Founder of Townscript and Manish Mishra, ex-Director of Engineering at Mindtickle and Cleartax, PazCare launched its Employee benefits platform in early 2021 and has since, onboarded over 70 companies including MamaEarth, BookMyShow, Goodera, Mindtickle, GoMechanic, Appknox, Upekkha, Avail Finance and Phi Commerce to name a few. With an aim to build a seamless technology for employers, PazCare is on a mission to enable employee health benefits like never before.
The company will use the funds raised to strengthen its insurance and technology infrastructure in a bid to build a stronger business and employee foundation while expanding its client base and partnership network.
Commenting on the investment, Sanchit Malik, Co-Founder and CEO, PazCare said, “PazCare aims to enable 10,000+ such employers to insure over 3 million lives through its platform in the next three years.”
Speaking on the investment, Ashish Hemrajani, Founder and CEO, BookMyShow said, "Sanchit along with Manish and the team are furthering their commitment to offer a strong employee benefits value proposition and product for companies all across with PazCare and it couldn’t have come at a more opportune moment when safeguarding health is paramount.”
For PazCare, Sanchit Malik, a second-time entrepreneur who successfully exited his previous startup Townscript, a DIY event management platform with majority stake held by BookMyShow, has joined hands with Manish Mishra as CTO, who has been Director of Engineering with leading startups like Cleartax and Mindtickle.